CI Financial purchases 65% of Marret Asset

By Marc Castro

Sep 26, 2013 03:24 AM EDT

CI Financial Group had agreed to purchase the controlling share in Marret Asset Management Inc. The purchase made by the fund manager whose 37% is owned by Bank of Nova Scotia, would serve to expand its corporate fund portfolio.

The Toronto, Canada based Marret Asset Management is an alternative asset manager headed by Barry Allan which specializes in fixed income locally in Canada and other global funds. CI Finance said it had acquired 65% of the firm, along with the option to purchase the remaining shares after three years. There was no financial details disclosed in the announcement.

Marret was established by Allan back in 2001 and it focused on investing in investment-grade and high-profit corporate debt as well as alternative strategies and services for institutional, high net worth and retail customers. CI Financial, which is based out of Toronto, whose portfolio's net worth as CAD108.8 billion or USD105 billion as of August 31.

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