Rockwater Capital Corp. is taking a 35% stake in Toronto-based alternative investment firm Fairway Capital Management Corp.

“Fairway presents a unique investment opportunity for us within the alternative asset management field,” said William Packham, president and CEO of Rockwater. ” The principals of Fairway have proven track records in an area that has experienced rapid growth over the past few years and we are pleased to partner with them.”

Fairway, headed by chairman and CEO Andrew McKay, offers structured products in both traditional and alternative asset categories.

McKay is a former chief operating officer and co-founder of Skylon Capital Corp., an investment management firm holding company. He is also a former director of Altamira International Bank (Barbados) Inc., the offshore asset management subsidiary of Altamira Management Ltd.

“This deal represents two growth oriented companies recognizing an opportunity to prosper together while remaining independent,” McKay said in a release. “Rockwater will have representation on our board, while the experienced Fairway team will continue to focus on the management of the business. The deal is beneficial for both companies.”