Marquest / SEAMARK Sign Binding Agreements to Acquire Assets
TORONTO, June 5, 2013 /CNW/ - Marquest Asset Management Inc. ("Marquest") is pleased to announce that, as part of its continuing growth strategy, it has entered into binding agreements to purchase 100% of the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds of the Matrix Funds Management operating division of Growth Works Capital Ltd. (including its Flow-Through product offerings) and, jointly with the senior management of SEAMARK Asset Management Inc. ("SEAMARK"), all of the operational assets of SEAMARK, in aggregate representing assets under management of approximately $730 million.
The SEAMARK assets 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. "Marquest is excited to be partnering with SEAMARK's high-quality money management team," said Andrew McKay, Chief Executive Officer of Marquest.
"We are pleased to restore independence to the Atlantic Canadian SEAMARK brand, while enhancing our national footprint by partnering with a successful group of financial service entrepreneurs such as Marquest," said Bob McKim, CIO of SEAMARK, a member of the senior management of SEAMARK that is participating in the transaction.
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 serving retail and high net worth investors in Canada since 1985.
SEAMARK has provided investment management services for over 30 years, with a focus on preserving and enhancing clients' assets over the long-term. SEAMARK offers its services to institutional and private clients across Canada.
SOURCE Marquest Asset Management Inc.