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The OSC has approved a deal between portfolio managers Kingship Capital and Pro-Financial Asset Management.

In an order released July 17, the commission says Kingship is allowed to buy investment management contracts from the asset management company and form a new company.

Read: AIMA issues derivatives guide

The commission initially rejected the proposed deal in February, and the parties requested another hearing.

In approving the deal this time around, the OSC set out a number of conditions, including having KCC owners invest $350,000 in the new company. The company must also hire North Start Compliance to provide compliance help to the cnew company.

Read more here.

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Originally published on Advisor.ca

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