GMP Agrees to Sell Funds to Fiera Capital for C$10.75 Million

GMP Capital Inc. (GMP), Canada’s second- largest non-bank brokerage by assets, agreed to sell funds to Fiera Capital Corp. (FSZ) for C$10.75 million.

GMP said it will sell funds including its GMP Diversified Alpha Fund and the Canadian ABCP Fund, representing about C$570 million ($575.6 million) in assets under management, the Toronto-based firm said today in a statement.

The assets will continue to be managed by Jason Marks, chief executive officer of GMP’s GP Investment Management unit and other managers, who will join Montreal-based Fiera. GMP will be entitled to 25 percent of performance fees earned from the assets for three years, the firm said.

GMP also named Dan McClure as co-CEO of GMP Investment Management. He’ll succeed Marks when the transaction closes, expected in the first quarter.

Marks and the other managers will have a minority ownership interest in a newly created Fiera unit that will hold the assets, Fiera said in a separate release.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scheer at; David Scanlan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.