Close up of businessman hands making handshake - greeting, dealing, merger and acquisition concepts

Toronto-based Cidel Asset Management Inc. has reached a deal to acquire Lorica Investment Counsel Inc.

Lorica, also based in Toronto, is a specialty bond manager focused on the Canadian market that manages about $900 million in assets for institutional, private and managed account clients, according to a release.

As part of the deal, Lorica president Gary Morris will become leader of Cidel’s fixed income team.

“Our clients continue to look for innovative solutions for income investing,” Arthur Heinmaa, Cidel’s chief investment officer, said in a statement. “Gary and his team are ideally positioned to complement and build on Cidel’s capabilities.”

Cidel, the asset management division of Cidel Bank Canada, manages about $15 billion on behalf of individuals, families, foundations and institutions in Canada and around the world.

The transaction is expected to close in June. Terms were not disclosed.