CI buying majority stake in Marret Asset Management; price not disclosed

TORONTO - CI Financial Corp. (TSX:CIX) says it plans to acquire a majority interest in Marret Asset Management Inc., an alternative asset manager specializing in global and Canadian fixed income.

CI says it is purchasing 65 per cent of Marret, along with an option to acquire the remainder after three years.

Financial details were not disclosed in Wednesday's announcement.

Toronto-based Marret is led by Barry Allan, who has over 30 years of investment experience and who has successfully managed portfolios across the income spectrum, CI said in a statement.

"We are delighted that Barry Allan and the team at Marret are joining CI," president and CEO Stephen MacPhail said. "Barry is an accomplished portfolio manager who has made Marret a top name in fixed-income and alternative investing in Canada."

Allan, who founded Marret in 2001, is backed by a team of 11 portfolio managers and research analysts. The firm focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients.

Marret offers its own suite of funds and has acted as a sub-adviser on a number of funds, including large income-oriented mutual funds.

CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with approximately $108.8 billion in assets as of the end of August.