Matrix Asset Management Inc. (TSX:MTA) and Marquest Asset Management Inc. said Tuesday that the previously announced sale by Matrix to Marquest of the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds managed by Matrix’s registrant subsidiary, GrowthWorks Enterprises Ltd., has closed.

The change of managers arising from the sale of the assets had been previously approved by unitholders and shareholders of the Matrix Group of Mutual Funds on August 27. Necessary regulatory approvals were received September 13.

Andrew McKay, president of Marquest, stated that “I am pleased to complete this milestone in the growth of Marquest”.

David Levi, CEO of Matrix, commented “with the sale of the Matrix Group of Mutual Funds, Matrix is returning to and will be focused on its core expertise of managing retail venture capital funds”.