Eagle Asset Management formed a definitive agreement for Toronto-based money manager Cougar Global Investments to become an affiliate of Eagle Asset.
As a result of this deal, Eagle expects to offer Cougar's global asset allocation strategies to Eagle clients globally.
Eagle Asset Management is a subsidiary of Raymond James Financial and had more than $30 billion in assets under management as of Dec. 31. As a result of the agreement, Cougar will become a subsidiary of Raymond James Financial and a subadviser of Eagle.
Cougar Global was founded in 1993 and is a global asset allocation ETF strategist that markets its investment services in Canada and the U.S. As of Dec. 31, Cougar had $1.4 billion in AUM.
Richard Rossi, president and co-chief operating officer of Eagle, said financial terms of the deal were not being disclosed. The transaction is expected to close after Canadian regulators review the deal, which might take up to 45 days.
“This acquisition continues to enhance our presence within the asset management industry by providing us with an important suite of investment options that our clients are seeking,” Mr. Rossi said in a news release.
Cougar is expected to operate with the same staff it currently has, retaining its base of operations in Canada.
