Marquest Asset Management hired Cassels Investment Management as subadviser of the C$205 million (US$188 million) Marquest Monthly Pay Fund and the C$3 million Marquest Monthly Pay Fund (Corporate Class), effective Tuesday.
The Canadian growth and income funds, which had been managed internally, will now be run by Robert Cassels, president and chief investment officer of Cassels, and Liis Palmer, Cassels vice president and portfolio manager.
Cassels Investment Management already subadvises on the C$13 million Marquest Tax Deferred Income Fund.
The Marquest Monthly Pay funds were part of the Matrix Asset Management fund family; Marquest acquired Matrix in early 2013 and renamed the fund family in November.
Jackee Pratt, vice president and portfolio manager, had managed the funds at Matrix Asset Management and was listed as the funds' portfolio manager on Marquest's website as of February.
Andrew McKay, Marquest president, could not be reached for further details.