CI Financial to Acquire Majority Stake in Marret Asset Management

September 26, 2013

On September 26, 2013, Marret Asset Management announced that CI Financial Corp. (TSX: CIX) has agreed to acquire a 65% interest in Marret, the manager of the Marret closed end funds. 

On September 26, 2013, Toronto, Canada-based Marret Asset Management Inc. announced that CI Financial Corp. (TSX: CIX) has agreed to acquire a 65% interest in Marret, with an option to acquire the remaining interests after three years.  Marret is the manager of the Marret closed end funds, including Marret High Yield Strategies Fund (TSX: MHY.UN), Marret Investment Grade Bond Fund (TSX: MIG.UN), Marret Multi Strategy Income Fund (MMF.UN), and Marret Resource Corp. (TSX: MAR).  Following the transaction, Marret will continue to manage the funds.  Marret focuses on investing in investment-grade and high-yield corporate debt and alternative strategies on behalf of institutional, high net worth clients, and retail clients.  CI Financial is an independent Canadian wealth management company with approximately $108.8 billion in assets.  The transaction is subject to regulatory approval.  Financial terms of the transaction were not disclosed.

For the press release, please click here.


Categories

Investment Manager M&A, Mutual Fund M&A, Transactions