TORONTO - First International Asset Management Inc. will acquire 100% of Groupe Financier Concorde Inc. from Laurentian Trust of Canada Inc., Quebec City.
GFC is the manager and distributor of the Concorde Group of Mutual Funds with assets under administration of C$310 million (U.S. $233 million) of which C$115 million are in the Concorde Funds.
The investment manager of the seven mutual funds is TPR Investment Management Inc., an affiliate of Laurentian.
Michel Fragasso will continue in his role of president and chief operating officer of GFC and the company's head office will remain in Quebec City.
In accordance with First Asset's philosophy, Mr. Fragasso will have an equity stake in the acquired company.
Michael Butler, recently appointed president of First Asset's mutual fund division, will become chief executive officer.