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CI Financial to acquire First Asset

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CI Financial Corp has reached an agreement to acquire 100 per cent ownership of First Asset Capital Corp.

First Asset, which operates through its subsidiary First Asset Investment Management Inc, is a Toronto-based, privately owned investment firm with approximately USD3 billion in assets under management. The company provided actively managed and factor-based ETFs to the Canadian marketplace, and also offers a suite of mutual funds and closed-end funds.

Terms of the transaction, which is subject to regulatory approval, is expected to close by 31 December, 2015, have not been disclosed. INFOR Financial Group acted as financial advisor to First Asset on this transaction.

"We are pleased to welcome First Asset to the CI Financial group of companies," says Stephen A MacPhail, President and Chief Executive Officer of CI Financial. "With First Asset, we broaden and diversify our lineup of operating businesses and gain a successful firm with a proven management team and high growth potential."

"This transaction strengthens First Asset's ability to grow and to expand its product lineup," says Barry H Gordon, First Asset's President and Chief Executive Officer. "CI Financial provides us with the backing of a financially strong parent company, with significant capabilities in active investment management, as well as extensive resources in operations, administration and technology."

Following the closing of the transaction, First Asset will continue to operate as a separate business under its current name and under the direction of Gordon and the First Asset management team, who have made a long-term commitment to the company. First Asset will continue to market and service its own products.

"We are excited about the growth potential of actively managed ETFs and we will be working with First Asset to build on its leadership in this sector," says MacPhail. "In addition, First Asset provides CI Financial with a future distribution platform for its actively managed investment products, including access to an ETF platform."

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