Gluskin Sheff acquires Blair Franklin Asset Management

Gluskin Sheff + Associates is acquiring all of the outstanding shares of Blair Franklin Asset Management Holdings, the parent company of fixed-income boutique money manager Blair Franklin Asset Management, according to David Morris, Gluskin Sheff's chief financial officer.

Gluskin Sheff agreed to pay C$15 million ($13.76 million) in cash plus 1.9 million of its common shares. The deal is pending regulatory approval and is expected to close in the third quarter.

Once the deal closes, Peter Zaltz, Blair Franklin's managing director and chief investment officer, will take on the role of executive vice president and head of fixed income and will be appointed to Gluskin Sheff's management committee. Thomas C. MacMillan, chairman of Blair Franklin, will be appointed to Gluskin Sheff's board.

Toronto-based Blair Franklin has about C$625 million in assets under management. Gluskin Sheff had C$7.24 billion in AUM as of March 31.