TSX Symbol: CIX
TORONTO, Feb. 14, 2012 /CNW/ - CI Financial Corp. ("CI") today announced
that it has reached an agreement to acquire a significant minority
interest in Lawrence Park Capital Partners Ltd. ("LP Capital
Partners"), an alternative asset manager focusing on fixed-income and
CI will also make a significant investment in LP Capital Partners'
inaugural fund, Lawrence Park Credit Strategies Fund, which will be
launched in March 2012. In addition, CI will provide administrative
services to the fund and assist LP Capital Partners in developing and
executing a growth strategy.
LP Capital Partners is a Toronto-based investment management firm
founded in 2011 by David Fry, Chief Executive Officer, and Andrew
Torres, Chief Investment Officer. The team members, which include
partners Peter Metcalfe and John Young, have over 60 years of combined
experience in trading fixed-income and credit-related products and in
managing trading teams.
"We are pleased to partner with one of Canada's largest and most
successful asset managers, with a prominent and trusted brand and
industry-leading expertise in portfolio management, administration and
client service," said Mr. Fry. "This partnership will accelerate our
growth plans and vastly expand the expertise and service backing our
firm and the fund."
"In Lawrence Park, we have identified an exceptional opportunity for
growth and a firm that can benefit from CI's support," said Stephen A.
MacPhail, CI President and Chief Executive Officer. "The portfolio
managers, led by David Fry and Andrew Torres, have used their talent
and extensive experience in the income markets to develop a
credit-focused fund that is unique in the Canadian marketplace."
The relationship is part of a strategy of seeking selected growth
opportunities in the alternative asset management space, Mr. MacPhail
said. "CI is always seeking to partner with superior portfolio managers
across our business, and alternative investing, with its specialized
and distinct strategies, is becoming increasingly attractive."
CI also owns a significant interest in Red Sky Capital Management Ltd.,
an alternative investment manager led by Timothy Lazaris that has
posted strong absolute and relative returns since inception in
Lawrence Park Credit Strategies Fund is available to accredited
investors only. More information about LP Capital Partners is available
at www.lpcapitalpartners.com. CI's purchase of an ownership stake in LP Capital Partners is subject
to receipt of securities regulatory approval.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth
management company with approximately $93.2 billion in assets as of
January 31, 2012. CI offers a broad range of investment products and
services, including an industry-leading selection of investment funds,
and is on the Web at www.ci.com/cix.
This press release contains forward-looking statements with respect to
CI 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
SOURCE CI Investments Inc.
For further information:
Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.