Business young people in the job interview, signed an employment contract with boss in the office
© Albert Yuralaits / 123RF Stock Photo

Calgary-based Canoe Financial LP is acquiring the rights to manage all of Montreal-based Fiera Capital Corporation’s retail mutual funds.

The transaction is expected to close in late June, at which time Canoe will become manager and portfolio manager of Fiera’s mutual funds, and trustee of its trust funds, the firms said Thursday in a release.

“This transaction will allow Fiera Capital to broaden its existing partnership with Canoe by leveraging the combination of Canoe’s strong distribution network in the Canadian retail market and Fiera Capital’s excellence in investment management,” said Jean‑Phillippe Lemay, Fiera’s global president and chief operating officer, in a statement.

Fiera will remain the sub-advisor for certain funds after they’re merged into Canoe funds following the sale, the release said.

The move follows Canoe’s 2018 acquisition of nine retail mutual funds from Fiera.

“This transaction builds upon our continued partnership with Fiera Capital, which has not only been beneficial to our respective firms, but also and most importantly to our investors,” said Canoe president and CEO Darcy Hulston in a statement.

See the full list of acquired funds and how they will be merged into Canoe’s lineup here.