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Ben Cheng, president and CIO of Aston Hill Financial. Connor Clark & Lunn Financial Group Ltd. is selling its structured products business to Aston Hill for $20.5-million in cash proceeds.
Ben Cheng, president and CIO of Aston Hill Financial. Connor Clark & Lunn Financial Group Ltd. is selling its structured products business to Aston Hill for $20.5-million in cash proceeds.
(Charla Jones/The Globe and Mail)

Asset manager sells closed-end fund unit, looks to institutional growth

Privately-owned asset manager Connor Clark & Lunn Financial Group Ltd. wants to put more emphasis on its institutional business, so it is parting way with a division that sells closed-end funds.

CC&L is selling its structured products business to fellow money manager Aston Hill Financial Inc. for $20.5-million in cash proceeds. The figure isn’t enormous, but the move underscores the broader trend of asset managers looking to invest more resources in their institutional efforts.