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Morguard Corporation subsidiary Morguard Investments has agreed to purchase a 60% stake in Lincluden Investment Management for an undisclosed amount.
Lincluden will continue to operate as a private company with all of its current employees, who are shareholders of the firm.
The teams at Morguard and Lincluden will continue in their existing roles, says Morguard Corporation chairman and CEO K. (Rai) Sahi.
“This is a growth strategy in an existing line of business at Morguard and we believe our combined clients will benefit from an expanded offering of investment products and services,” he adds.
The two firms will have a combined $19 billion in assets under management.
The agreement is subject to regulatory approval.
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