Toron Investment Management will acquire AMI Partners, according to James Porter, partner and managing director at Toron.
Terms weren't disclosed.
The combined Toronto-based firm will operate as Toron Asset Management International.
AMI currently is 70% owned by its principals, with the remaining stake owned by Toronto-Dominion Bank.
AMI, a Canadian equity and fixed-income firm, had C$3 billion (US$2.97 billion) in assets under management as of Dec. 31, including C$2.57 billion in assets managed for pension funds, according to AMI's website. Toron, which manages global equity strategies, currently has C$600 million in AUM, including C$125 million managed for institutions, Mr. Porter said.
Ronald Patton, CEO at AMI, will become a partner at Toron, and all of AMI's investment staff will move to the combined firm, Mr. Porter said.
The combined firm is “complementary in terms of asset classes and client base,” Mr. Porter said. “We have shared values in investments, and both have deep experience in risk management … (and) we're both team-driven.”
The acquisition is expected to close in June.