Toronto-based Marquest Asset Management Inc. says it has entered into binding agreements to purchase 100% of the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds of the Matrix Funds Management operating division of Growth Works Capital Ltd.

In addition, Marquest said Wednesday it will acquire all of the operational assets of Halifax-based Seamark Asset Management Inc., jointly with the senior management of Seamark.

Taken together, the agreements represent assets under management of approximately $730 million.

Growth Works, Matrix Fund Management, and Seamark are all operating divisions of Matrix Asset Management Inc. (TSX:MTA).

Back in February, Marquest and Matrix announced plans to join forces through a merger.

Matrix, Marquest set to team up

Marquest says the Seamark assets will be managed in a new investment management firm, with the senior management of Seamark and Marquest owning 67% and 33% interests in the new firm, respectively.

“Marquest is excited to be partnering with Seamark’s high-quality money management team,” said Andrew McKay, CEO of Marquest, in a release.

“We are pleased to restore independence to the Atlantic Canadian Seamark brand, while enhancing our national footprint by partnering with a successful group of financial service entrepreneurs such as Marquest,” said Bob McKim, CIO of Seamark, and a member of the firm’s senior management participating in the transaction.

Closing of the transaction is subject to customary closing conditions, including necessary shareholder, stock exchange and regulatory approvals.