Montreal-based Fiera Capital Corp. (TSX:FSZ) has acquired Toronto-based Propel Capital Corp., the independent investment firm announced on Monday, for a total consideration of up to $12 million.

Propel is an investment firm which develops, manages and distributes investment solutions to Canadians with a focus on closed-end funds. The firms operations will be fully integrated into Fiera Capital’s retail segment over the coming months. As well, Raj Lala, founder, current president and CEO of Propel, will assume the role of executive vice president, retail markets for Fiera Capital.

“Strategically, this acquisition, which will be accretive to earnings, directly contributes to Fiera Capital’s near-term growth and leadership objectives,” said Jean-Guy Desjardins, chairman and CEO of Fiera Capital, in a statement. “Propel has an excellent track record raising assets over a short period of time, and also benefits from a very strong network. With the Propel team on board, Fiera Capital is further enhancing its expertise, offering and distribution capabilities in the Canadian retail investor space.”