CI Financial’s reach expands to Down Under

By Staff | November 3, 2016 | Last updated on November 3, 2016
1 min read

CI Financial Corp. is set to purchase an 80% stake in Grant Samuel Funds Management (GSFM), an independent manager and distributor of investment strategies and products in Australia and New Zealand. GSFM’s assets under management exceed AU$6 billion.

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Terms of the sale were not disclosed, but the transaction is expected to close on or about November 15, 2016.

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“CI has been looking for an opportunity to further expand outside Canada, and Australia was identified as an attractive market, with strong organic growth and a sophisticated investor base,” says Peter W. Anderson, CEO of CI, in a release.

In the same release, Andrew McKinnon, CEO of GSFM, says, “The CI business model is similar to the GSFM model, and the two businesses are culturally aligned.”

GSFM has other partners worldwide: Epoch in New York, Tribeca in Sydney, Payden & Rygel in Los Angeles and Triple 3 in Sydney.

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Under the transaction agreement, current GSFM executives retain a 20% stake. The existing GSFM team will remain in place, with head of distribution Damien McIntyre, COO Peter Nichols and McKinnon continuing to manage all aspects of the company, which will retain the GSFM name. staff


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