CI Financial has reached an agreement to acquire 100% ownership of First Asset Capital.
First Asset is a privately owned investment firm that has approximately $3 billion in assets under management. The company offers actively managed and factor-based ETFs to the Canadian marketplace, as well as a suite of mutual funds and closed-end funds.
The transaction between the two firms, which is subject to regulatory approval, is expected to close by December 31, 2015. Terms were not disclosed.
Following the transaction, First Asset will continue to operate as a separate business under its current name, and under the direction of CEO Barry Gordon and the First Asset management team.
This story originally appeared on the site of our sister publication Advisor.