Robert McKim and Marquest Asset Management Inc. Tuesday announced the purchase of the operating assets (excluding working capital) of GrowthWorks Enterprises Ltd. (GWE, formerly Seamark Asset Management Ltd.), effective July 12.

The assets were acquired by a newly registered Halifax-based firm, to be named Seamark Asset Management (2013) Ltd. McKim indirectly holds 67% of the outstanding shares of Seamark, with the balance owned by Toronto-based Marquest.

McKim’s investment management career began in 1984 at Elliott and Page Atlantic (later renamed Seamark Asset Management Ltd.). He and founder Peter Marshall built the firm into a national success, managing assets in excess of $10 billion by the time McKim departed as the firm’s CEO in 2005.

McKim and two other members of the Seamark team, George Loughery and Don Wishart, returned to GWE when it purchased the assets of their boutique firm, LeeSide Capital Management Inc., in April 2012.

“We have come full circle,” said McKim, in a release. “In just one year, we have reintroduced the investment management process that was the backbone of our original success, embraced a team culture which completely reinvigorated morale for employees, and most importantly, delivered strong investment returns to clients. The new ownership arrangement highlights our dedication and enthusiasm for the Seamark brand and our clients.”

Marquest originally negotiated the purchase terms with Toronto-based Matrix Asset Management Inc. (TSX:MTA), before seeking McKim’s involvement. (See Investment Executive, Matrix provides update on Seamark sale, July 9, 2013.)

“We were delighted to see the level of interest and commitment of Bob and his team,” said Andy McKay, CEO of Marquest. “They have a proven track record as investment professionals, and of growing a business. Marquest looks forward to a strong partnership with Seamark, providing retail distribution through our mutual fund business and closed end fund offerings.”

Seamark Asset Management (2013) Ltd. manages pension and endowment monies for institutional accounts and to private clients across the country. It offers a series of pooled funds to accredited investors and is acting as the sub-advisor to several mutual funds offered by a third party.