Canadian firm buys 80pc of GSFM
Canadian investment management firm, CI Financial, has inked a deal to buy an 80 per cent stake in Australian fund manager, Grant Samuel Funds Management (GSFM).
GSFM said CI Financial wanted to accelerate their business in Australia.
GSFM's chief executive officer, Andrew Mckinnon, said: "With this transaction, GSFM gains the backing of an accomplished asset management and distribution firm that is one of the largest investment fund companies in Canada".
The deal would also allow GSFM the opportunity to expand its client offerings, while it would strengthen their strong relationships with Epoch, Tribeca, Payden & Rygel, and Triple 3 — in the institutional and retail markets, McKinnon said.
CI Financial chief executive, Peter W Anderson, said: "CI has been looking for an opportunity to further expand outside Canada, and Australia was identified as an attractive market, with strong organic growth and a sophisticated investor base".
"This acquisition aligns CI with a proven competitor in one of the world's fastest-growing pension markets, and is a significant new platform for CI as it expands its presence in global market," Anderson said.
The 80 per cent stake was previously held by corporate advisory firm, Grant Samuel, which established GSFM in 2007.
Grant Samuel Group chief executive, Doug Bartlett, noted that while the company had no previous intention to sell its stake, it decided that this was the best course for both businesses in the long-term.
"After being approached by CI Financial, we decided that the more logical long-term partner for GSFM was one whose core business is asset management and distribution," Bartlett said.
The transaction was expected to be finalised around 15 November, 2016.
Recommended for you
New research has revealed which fund manager is the most recommended by financial advisers to their clients, as well as the most preferred research houses.
The departure of BlackRock’s head of global client business Mark Wiedman after his 21-year tenure has prompted a reshuffle, with several senior executives receiving promotions.
The volume that financial advisers have invested in private credit funds could be among disclosures that providers have to make to ASIC amid a regulatory crackdown on private markets.
Platinum Asset Management has appointed Northern Trust to provide asset servicing solutions for their $11 billion Australian funds.
