CI Financial plans to acquire the 60% interest in alternative fixed-income manager Lawrence Park Asset Management it doesn't already own, the firm said in a news release Monday.
CI Financial has held a 40% stake in Lawrence Park since 2012 and intends to integrate the firm into its money management subsidiary, CI Global Asset Management, spokesman Murray Oxby confirmed in an email.
Financial terms of the deal are not being disclosed, Mr. Oxby said. The deal is expected to close in the second quarter.
Lawrence Park employees will continue to manage the firm's existing credit-focused hedge fund, liquid-alternatives fund and an ETF. The funds will retain the Lawrence Park brand name, the release said.
CI Global Asset Management and Lawrence Park both are based in Toronto and Lawrence Park employees eventually will join their new colleagues in CI Global's office, Mr. Oxby said.
Lawrence Park managed C$600 million ($477 million) and CI Global managed C$3.7 billion as of Feb. 28.
"The Lawrence Park team has decades of experience in fixed-income markets and alternative investing. We are thrilled to finally bring that expertise in-house," said Kurt MacAlpine, CI Financial's CEO in the release.
"We share CI's commitment to alternative investing and we are excited to be part of innovative mandates in this space," said Andrew Torres, founding partner and executive partner of Lawrence Park, in the news release.
CI Financial had C$236.5 billion in assets under management and advisement as of Feb. 28.
