Robert McKim and Marquest Asset Management Inc. Announces Asset Purchase and Share Ownership Details

HALIFAX, July 16, 2013 /CNW/ - Robert (Bob) McKim and Marquest Asset Management Inc. ("Marquest") are pleased to announce the purchase of the operating assets (excluding working capital) of GrowthWorks Enterprises Ltd. (formerly SEAMARK Asset Management Ltd.) ("GWE"), effective July 12, 2013.  The assets were acquired by a newly registered firm, to be named SEAMARK Asset Management (2013) Ltd. ("SEAMARK").   Mr. McKim indirectly holds 67% of the outstanding shares of SEAMARK, with the balance owned by Toronto-based Marquest.

Mr. McKim's investment management career began in 1984 at Elliott and Page Atlantic (later renamed SEAMARK Asset Management Ltd.).  He and founder Peter Marshall built the firm into a national success, managing assets in excess of $10 billion by the time Mr. McKim departed as the firm's CEO in 2005.  Mr. McKim and two other members of the SEAMARK team, George Loughery and Don Wishart, returned to GWE when it purchased the assets of their boutique firm, LeeSide Capital Management Inc., in April of 2012.

"We have come full circle," said Bob McKim.  "In just one year, we have reintroduced the investment management process that was the backbone of our original success, embraced a team culture which completely reinvigorated morale for employees, and most importantly, delivered strong investment returns to clients.   The new ownership arrangement highlights our dedication and enthusiasm for the SEAMARK brand and our clients.  It's the first time in its 30-year history that the SEAMARK brand has been majority-owned by Atlantic Canadians.  This is a win, win, win… for clients, staff, and the region!"

Marquest originally negotiated the purchase terms with Matrix, before seeking Mr. McKim's involvement.  "We were delighted to see the level of interest and commitment of Bob and his team," said Andy McKay, CEO of Marquest.  "They have a proven track record as investment professionals, and of growing a business.  Marquest looks forward to a strong partnership with SEAMARK, providing retail distribution through our mutual fund business and closed end fund offerings."

"We recognize the important role that equity plays for the investment team in the traditional investment counsel format.  It is absolutely the best arrangement for clients," said MacKay on bringing in McKim as a majority owner of SEAMARK. SEAMARK intends to provide its employees with an opportunity for equity participation in the near future to further capitalize on the benefits of equity ownership among SEAMARK's investment team.

SEAMARK Asset Management (2013) Ltd. manages pension and endowment monies for institutional accounts and to private clients across the country.  SEAMARK offers a series of Pooled Funds to accredited investors and is acting as the sub-advisor to several mutual funds offered by a third party.

Marquest Asset Management Inc. is a diversified asset management firm serving retail and high net worth investors in Canada since 1985.

SOURCE: Robert McKim

For further information:

Robert McKim, CEO, CIO of SEAMARK: 902 - 425 - 0223 -

Andrew A. McKay, CEO of Marquest:  416 - 777 - 7312 -

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Robert McKim

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Marquest Asset Management Inc.

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