Integrated Asset Management Corp. (TSX:IAM) Tuesday announced that it has completed its previously announced sale of its wholly owned subsidiary, BluMont Capital Corp., to Arrow Capital Management Inc. All three firms are based in Toronto.

The deal was first announced bank in September. (See Investment Executive, Arrow Capital to acquire BluMont fund business from IAM, September 19, 2013.) Terms were not disclosed.

BluMont is the manager of Exemplar Global Agriculture Fund, Exemplar Global Infrastructure Fund, Exemplar Leaders Fund, Exemplar Timber Fund, Exemplar Yield Fund, Exemplar Canadian Focus Portfolio and Exemplar Diversified Portfolio.

Arrow says it will continue to use the Exemplar Funds brand for its actively managed prospectus offered mutual funds.

Effective immediately, James McGovern, CEO of Arrow and Robert Maxwell, chief financial officer of Arrow, will become the respective CEO and CFO of BluMont.

Also, McGovern and Maxwell have been appointed as directors of BluMont, such that the board of directors of BluMont will be comprised of James McGovern, Robert Maxwell and Veronika Hirsch.

The same individuals also are now the officers and directors of the Exemplar Portfolios Ltd., which includes the Exemplar Canadian Focus Portfolio class of shares and the Exemplar Diversified Portfolio class of shares.

Arrow says all of the portfolio managers and advisors, including Veronika Hirsch, Alex Ruus, Capital Innovations, LLC and Integrated Managed Futures Corp., will continue to provide services to their respective funds.

“The combined platforms will provide investors with greater investment choices, an improved level of service, and the expectation of a decrease in costs based on the capacity of a larger company,” Arrow said in a release.

At a special meeting of the security holders of the Exemplar Funds, the security holders approved a change of manager from BluMont to Arrow.

Arrow intends to amalgamate with BluMont within the next six months continuing under the name Arrow Capital Management Inc.

With BluMont, Arrow now has approximately $1.3 billion in assets under management, including its joint venture with Generation Asset Management based in London, England.

IAM is an alternative asset management company with approximately $1.9 billion in assets and committed capital under management in real estate, private debt, managed futures and private equity.