August 10, 2017 13:30
Photo : Freepik
CI Financial Corp. and Sentry Investments Corp. have announced this Thursday, August 10 the conclusion of an agreement related to the acquisition of Sentry, bringing together two of the largest independent asset managers in the Canada who specialize in the active management.
Under this agreement, IT will acquire all of the outstanding shares of Sentry and its subsidiary, Sentry Investments Inc., for a consideration of$ 780 Million, or$ 230 Million in cash and the balance in shares. The transaction is expected to close on or about September 29, 2017, subject to regulatory approval.
Sentry will remain an independent brand
«We welcome the acquisition of a firm of this quality, which adds to the group of companies of Financial, which will significantly strengthen our position as the managers independent of global assets,» says Peter W. Anderson, president and ceo of CI. This consolidation of the two firms they will give the size necessary to remain competitive on the market of the investment. «
On July 31, 2017, Sentry managed assets of approximately 19,1 G$ distributed in more than 45 mutual funds and other investment solutions. At the conclusion of the acquisition, the Sentry will remain an independent brand and will continue to provide canadian investors and its investment products market leaders that are managed by portfolio managers award-winning.
Assets of 180 G$
«Sentry is excited to be joining the group of companies, said Philip Yuzpe, president and chief executive officer of Sentry. Sentry will retain its status as a leader among canadian firms of investment management, while benefiting now from the best investment platform that is. «
The transaction will increase 16% in the assets managed by IT, either 120,4 G$, as at July 31, 2017, to around 140 G$. Total assets, including assets under management and assets advised, will amount to approximately 180 G$.