CI buys majority stake in Marret Asset Management

Date: Thursday, September 26, 2013
Author: Investment Executive

Marret founder Barry Allan and his team join CI

Toronto-based CI Financial Corp. (TSX:CIX) said Wednesday it has reached an agreement to acquire a majority interest in alternative asset manager Marret Asset Management Inc.

CI is purchasing 65% of Toronto-based Marret, along with an option to acquire the remainder after three years. Financial terms were not disclosed.

"We are delighted that Barry Allan and the team at Marret are joining CI," said Stephen MacPhail, CI president and CEO. "Barry is an accomplished portfolio manager who has made Marret a top name in fixed-income and alternative investing in Canada."

Allan, who founded Marret in 2001, is backed by a team of 11 experience portfolio managers and research analysts. The firm focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients.

Marret offers its own suite of funds and has acted as a sub-advisor on a number of funds, including large income-oriented mutual funds.

CI Financial is an independent, Canadian-owned wealth management company with approximately $108.8 billion in assets.