Toronto-based CI Financial Corp. announced that it has closed its acquisition of an 80% stake in Sydney, Australia-based Grant Samuel Funds Management (GSFM) on Tuesday.

GSFM is an independent manager and distributor of investment strategies and products for institutional and retail investors in Australian and New Zealand with assets under management in excess of A$6 billion.

“We are excited by the compelling opportunities for growth in the Australian market and are pleased to enter this market in partnership with GSFM,” says Peter Anderson, CI’s CEO, in a statement. “GSFM’s leaders are highly experienced and have strong relationships throughout their industry, and we will be working closely with them to support the firm’s continued growth.”

Although the terms of the deal were not disclosed, current GSFM executives retained a 20% stake in the company under the transaction agreement. GSFM’s team remains in place, and executives including CEO Andrew McKinnon, head of distribution Damien McIntyre and chief operating officer Peter Nichols continue to manage all aspects of the company, which will continues to operate under the GSFM name.

See: CI Financial to acquire majority stake in Australian fund manager