CI Financial agreed to acquire a majority interest in credit bond manager Marret Asset Management.
Terms were not disclosed. The deal is expected to close by the end of October, said Neal Kerr, president, invest management, at CI Institutional, parent CI Financial's institutional business.
Both CI Financial and Marret are based in Toronto.
CI is purchasing 65% of the firm from Marret employees and has an option to acquire the remaining stake after three years.
Marret manages a total of C$6 billion (US$5.8 billion) in investment-grade and high-yield corporate debt strategies; about 45% of which is run for institutional clients.
The firm will continue to operate independently and will retain its 11-person portfolio management and research team, led by founding partner Barry Allan, Mr. Kerr said.
Marret will become one of seven boutique money managers under CI Financial.