Munro Partners, a growth equities manager with offices in Toronto and Melbourne, has announced its acquisition of GSFM Pty Limited, the Australian affiliate of CI Global Asset Management (GAM).
CI Financial, CI GAM’s parent company, will take on a greater minority ownership share in Munro as part of the deal.
The relationship between Munro Partners and CI dates back to 2017, when GSFM — a division of CI Financial’s international operations — began providing distribution and responsible entity services to Munro.
“[W]e can continue to grow the Australian business in a more sustainable way by investing in the skills and capabilities of the distribution team and aligning the GSFM business more closely with Munro’s partnership model,” said Ronald Calvert, CEO of Munro Partners in a media release.
“This transaction creates a stronger firm with a more diversified, scalable platform that is well positioned for continued growth in both the Australian and Canadian markets,” said Marc-André Lewis, president and chief investment officer of CI GAM.
GSFM’s distribution and fund management operations teams in Australia will join forces with the Munro team. They will continue to distribute GSFM funds, according to the release. The Australian client service and distribution teams will also gain additional resources.
CI GAM will continue distributing funds that are sub-advised by Munro Partners in Canada.
The transaction is subject to regulatory approval and is expected to close in the fourth quarter.