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The Bay Street sign is pictured in the heart of the financial district as people walk by in Toronto, May 22, 2008. (MARK BLINCH/MARK BLINCH/REUTERS)
The Bay Street sign is pictured in the heart of the financial district as people walk by in Toronto, May 22, 2008. (MARK BLINCH/MARK BLINCH/REUTERS)

GMP Capital sells chunk of investment management business Add to ...

Fiera Capital Corp. has a deal to acquire part of the investment management business of GMP Capital Inc.

Jason Marks, who has been the CEO and chief investment officer of the GMP Investment Management unit, will join a newly created subsidiary of Fiera Capital that will manage about $570-million in assets included in the deal.

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Fiera Capital is acquiring the GMP Diviersified Alpha Fund and Canadian ABCP Fund, which will be managed by Mr. Marks and certain other GMP executives.

GMP, which will receive $10.75-million cash and other consideration for divesting the assets under management, will continue to manage the GMPIM Equity Opportunities Fund and the Genesis Fund.

GMP has has appointed Dan McClure as co-CEO of GMP Investment Management for an interim period and lead the group when Mr. Marks moves to Fiera.

Fiera has about $58-billion in assets under management, not counting about $8-billion to be acquired as part of a recent deal with UBS Global Asset Management that is expected to close in the first quarter of 2013.

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