CI Financial Agrees to Buy 65% Stake in Marret Asset ManagementDoug Alexander
CI Financial Corp., the money manager 37 percent owned by Bank of Nova Scotia, agreed to buy a controlling stake in Marret Asset Management Inc. to add corporate bond funds to its portfolios.
Marret, based in Toronto, is an alternative asset manager led by Barry Allan that specializes in global and Canadian fixed income, the company said today in a statement. CI said it’s purchasing a 65 percent stake, along with an option to buy the remainder after three years. The price wasn’t disclosed.
Marret, founded by Allan in 2001, focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients. CI, based in Toronto, has approximately C$108.8 billion ($105 billion) in assets as of Aug. 31.