TORONTO, May 10, 2021 /CNW/ - Cidel Asset Management Inc. (Cidel) and Lorica Investment Counsel Inc. (Lorica) are pleased to announce that they have reached an agreement under which Cidel will acquire 100% of Lorica.
Lorica brings to Cidel exceptional talent and a client base that comprises about $900 million in assets. The current President of Lorica, Gary Morris, will assume leadership of Cidel's Fixed Income team. "I am excited to work with the portfolio management team at Cidel and look forward to providing clients with quality solutions and leveraging the additional resources that Cidel has to offer" says Gary.
Arthur Heinmaa, Cidel's Chief Investment Officer explains that Cidel's business has grown significantly in recent years and with changes in the market, fixed income investing faces the need for even more resources and talent. "Our clients continue to look for innovative solutions for income investing. Gary and his team are ideally positioned to complement and build on Cidel's capabilities"
"The goal is first and foremost about building capabilities for clients and adding the best talent to our team. We look forward to welcoming Lorica and its clients to Cidel and are excited about the new opportunities that will result." According to Cidel's Chief Executive Officer, Craig Rimer.
The transaction is subject to regulatory approvals and is anticipated to close in June 2021.
About Cidel: Cidel is a private bank and asset manager. Cidel Asset Management Inc., based in Toronto, is the asset management division of Cidel Bank Canada. Cidel, as a group, oversees about $15 billion in client assets in its investment management and trust businesses. Cidel offers wealth management services to individuals, families, foundations and institutions in Canada and around the world.
About Lorica: Lorica is an employee owned specialty bond manager, with a focus on the Canadian market. The firm serves institutional, private and managed account clients.