CI Financial agreed to acquire an 80% stake in Australian money manager Grant Samuel Funds Management from its parent, investment consultant Grant Samuel.
The transaction is scheduled to close Nov. 15. Terms were not disclosed.
GSFM will operate under its brand name and the firm’s top executives — CEO Andrew McKinnon; Damien McIntyre, director and head of distribution; and Peter Nichols, chief operating officer — will remain with the firm, according to a joint news release from CI and GSFM issued Thursday.
"The CI business model is similar to the GSFM model and the two businesses are culturally aligned,” Mr. McKinnon said in the release.
GSFM has A$6 billion ($4.6 billion) in assets under management for institutional and retail clients in Australia and New Zealand; CI has C$149 billion ($111.2 billion) in AUM. Both are mainly equity and bond managers.