Today, GMP Capital Inc. announced an agreement in which Fiera Capital Corp. will purchase roughly $570 million in assets under management from GMP Investment Management L.P. for $10.75 million.
Under the agreement, GMP will be entitled to 25% of performance fees earned in connection with the assets acquired by Fiera for three years.
A number of funds—including the GMP Diversified Alpha Fund and the Canadian ABCP Fund—are being sold to Fiera. These assets will continue to be managed by Jason Marks, CEO of GMPIM, and other executives of GMPIM.
GMPIM also announced that Dan McClure has been appointed co-CEO of GMPIM, effective immediately, and will succeed Marks upon the transaction’s close. McClure joined GMPIM in July 2010.
Completion of the transaction is expected in Q1.