TORONTO, Dec. 16 /CNW/ - Northern Rivers Capital Management Inc. ("Northern Rivers") announced today that it has entered into a binding agreement, subject to regulatory approval, to be acquired by BluMont Capital Corporation ("BluMont Capital"), a wholly owned subsidiary of Integrated Asset Management Corp. ("IAM")(TSX:IAM). The transaction is expected to close in February of 2010.
Established in 2001, Northern Rivers Capital Management Inc. is a private investment company located in Toronto, Ontario. Northern Rivers manages a family of six funds for high net worth and retail investors, including equity funds, alternative funds, and one private equity fund.
Founded in 1998, IAM is a Toronto based public company majority owned by management. IAM develops, distributes and manages alternative investments (including real estate, private corporate debt, private equity, managed futures and retail alternative investments). IAM's retail subsidiary, BluMont Capital, is one of Canada's leading providers of alternative investment solutions for individual investors. Portfolio managers Hugh Cleland and Alex Ruus will continue to manage the Northern Rivers funds under the BluMont Capital banner.
"We believe that this transaction is in the best interest of our clients who should benefit significantly from being served by a larger organization with a direct and wholesale salesforce, substantial balance sheet and ample resources," said Northern Rivers' President Robert Blakely. "With over $2 billion under management, IAM is an industry leader in the design and management of alternative investments in Canada. Clients will continue to enjoy the high quality service to which they are accustomed while having access to the full range of IAM's alternative asset management expertise."
SOURCE NORTHERN RIVERS CAPITAL MANAGEMENT INC.
For further information: For further information: Jeffrey Zicherman, Northern Rivers Capital Management Inc., (416) 597-8508 or 1-866-902-7060 ext. 1, jz@NorthernRiversFunds.com; or David Mather, Integrated Asset Management Corp., (416) 933-8274, firstname.lastname@example.org