Fiera Capital Corp. is scooping up the business of CGOV Asset Management, an Ontario-based investment management firm that focuses on institutional investors.

As of Dec. 31, 2017, CGOV reported about $5.3 billion in assets under management. Upon completion of the deal, Fiera Capital will become the seventh-largest independent high-net-worth manager in Canada, with total private wealth assets under management exceeding $6 billion.

Read: 2016 Top 40 Money Managers Report: The ins and outs of OCIO

Fiera chose CGOV for its “rich history of success and growth” and its “proven management team,” said Jean-Guy Desjardins, chairman of the board and chief executive officer of Fiera Capital, in a news release.  Once the transaction is complete, CGOV’s partners and employees will be joining Fiera Capital. 

“The combination of the firms will “bring robust investment solutions to CGOV clients, including access to enhanced fixed income and private alternative strategies,” said Don Cranston, founding partner and chairman of CGOV, in the release. 

Under the terms of the agreement, the purchase price totals $114.2 million — 42 per cent is payable in cash on closing and 58 per cent is payable in Class A subordinate voting shares of Fiera Capital.

Read: Fiera Capital to acquire British asset manager

This article originally appeared on the website of Benefits Canada‘s companion publication, Advisor.ca.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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