Marquest Asset Management is buying the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds.
It also struck a deal with the senior management of Seamark Asset Management to make a joint purchase of all of the operational assets of Seamark.
Seamark’s $730 million in assets under management will be managed in a new investment management firm, with the senior management of Seamark and Marquest owning 67% and 33% interests in the new firm, respectively.
Financial terms of the agreement were not disclosed. The closing of the transaction is subject to customary closing conditions, including necessary shareholder, stock exchange and regulatory approvals.
Marquest is a diversified asset management firm and has served retail and high net worth investors in Canada since 1985.
Seamark offers its services to institutional and private clients across Canada.