Gluskin Sheff + Associates has entered into an agreement to acquire the parent company of Blair Franklin Asset Management.

The company has agreed to pay about $71.8 million to the sellers, comprising $15 million in cash plus 1.9 million common shares of Gluskin Sheff.

“Adding the talents and portfolio offerings of the Blair Franklin team to our own outstanding team enhances our global capabilities and broadens the ways in which we can earn strong risk-adjusted returns for our clients in the fixed income markets,” says Jeremy Freedman, president and CEO of Gluskin Sheff.

Founded in 2003, Blair Franklin is a Toronto-based boutique asset management firm specializing in fixed income with approximately $625 million in assets under management.

Once the deal is closed, Peter Zaltz, Blair Franklin’s managing director and chief investment officer, will take on the role of executive vice-president and head of fixed income and will be appointed to Gluskin Sheff’s management committee, and Thomas C. MacMillan, chair of Blair Franklin, will be appointed to Gluskin Sheff’s board of directors.

Closing of the transaction is subject to certain conditions and is expected to be completed by the third quarter of this year.

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