Fiera Capital Corporation has acquired Propel Capital Corporation for a total consideration of up to $12 million. Propel is a Toronto-based investment firm that develops, manages and distributes investment solutions to Canadians with a focus on closed-end funds.

Read: Fiera launches income fund

As a result of the transaction, Propel’s operations will be fully integrated into Fiera’s retail segment over the coming months. Raj Lala, founder and current president and CEO of Propel, will assume the role of executive vice president, Retail Markets for Fiera Capital.

Read: Fiera Capital offers infrastructure fund

“Strategically, this acquisition, which will be accretive to earnings, directly contributes to Fiera Capital’s near-term growth and leadership objectives,” says Jean-Guy Desjardins, chairman and CEO of Fiera Capital. “Propel has an excellent track record raising assets over a short period of time, and also benefits from a very strong network.”

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