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Ontario Municipal Employees acquires minority stake in Purpose Investments

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Ontario Municipal Employees’ Retirement System, Toronto, acquired a minority interest in money manager Purpose Investments.

The deal closed May 25, said Vlad Tasevski, Purpose Investments vice president. Mr. Tasevski said terms of the deal, including the size of the stake the C$85 billion ($63.2 billion) pension plan acquired, were not disclosed.

Purpose Investments’ management and employees own the rest of the money management firm, Mr. Tasevski said. Purpose manages C$3.3 billion in exchange-traded and mutual funds.

Som Seif, Purpose president and CEO, will remain in those roles, and no personnel changes are expected at the firm, Mr. Tasevski said.

The investment is being made by OMERS Platform Investments, a unit that targets company incubation and innovative investments, according to a news release from Purpose. Officials at OMERS could not be immediately reached for further information.