TSX Symbol: CIX
TORONTO, Nov. 15, 2016 /CNW/ - CI Financial Corp. ("CI") today closed its previously announced acquisition of an 80% stake in Grant Samuel Funds Management ("GSFM") of Sydney, Australia.
GSFM is a leading independent manager and distributor of investment strategies and products in the Australian and New Zealand markets with assets under management in excess of A$6 billion. Terms were not disclosed.
"We are excited by the compelling opportunities for growth in the Australian market and are pleased to enter this market in partnership with GSFM," said Peter W. Anderson, Chief Executive Officer of CI. "GSFM's leaders are highly experienced and have strong relationships throughout their industry, and we will be working closely with them to support the firm's continued growth."
Under the transaction agreement, current GSFM executives retained a 20% stake in the company. The existing GSFM team remains in place, and executives including CEO Andrew McKinnon, Head of Distribution Damien McIntyre and COO Peter Nichols continue to manage all aspects of the company. The company continues to operate under the GSFM name.
Grant Samuel Funds Management (GSFM) specializes in marketing funds managed by high-calibre local and international managers to Australian and New Zealand institutional and Australian retail investors. GFSM has relationships with investment managers Epoch Investment Partners, Inc. of New York, Tribeca Investment Partners of Sydney, Payden & Rygel of Los Angeles, and Triple 3 Partners Pty Ltd. of Sydney. GSFM also owns an equity stake in Tribeca, a successful boutique manager which has been investing clients' funds since 1999. GSFM currently represents over A$6 billion in funds under management (as at 31 October 2016). For more information about GSFM, please visit the website: www.gsfm.com.au.
CI Financial Corp. is an independent, Canadian-owned wealth management company with approximately C$149 billion in fee-earning assets as of October 31, 2016. Its primary operating businesses are CI Investments Inc., one of Canada's largest investment managers, advisory businesses Assante Wealth Management and Stonegate Private Counsel, and First Asset Capital Corp., a leader in providing actively managed exchange-traded funds to the Canadian marketplace. CI is listed on the Toronto Stock Exchange under the symbol CIX. Further information is available at www.cifinancial.com.
This press release contains forward-looking statements with respect to CI Financial and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.
SOURCE CI Investments Inc.
For further information: Peter W. Anderson, Chief Executive Officer, CI Financial Corp., Phone: 416-364-1145; Murray Oxby, Director, Communications, CI Investments Inc., Phone: 416-681-3254, E-mail: firstname.lastname@example.org