Toronto-based Purpose Investments has completed the acquisition of Redwood Asset Management.
"We are excited about the growth potential of Redwood and we will be working with them to build on its leadership in the active management space," says Som Seif, president and CEO Purpose. "The combination of Purpose's industry leading quantitative rules-based strategies and Redwood's specialised high quality active mandates creates a formidable platform with a full range of solutions designed to help Canadian investors achieve their goals over the next few decades."
"The two firms are a great fit for one another. Purpose has proven itself to be a trusted investment manager across a diverse range of high quality traditional and alternative investment strategies at a reasonable cost, and our firm and our clients will benefit from that reputation, expertise and scale," says Peter Shippen, president and CEO at Redwood.
The acquisition will make Redwood a wholly owned subsidiary of Purpose, bringing together the companies' resources and product offerings.
Redwood will continue to operate as a separate entity under its own brand and its current management team with Shippen continuing to lead the company.