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LOGiQ Asset Management Inc. has announced the closing of the sale of the asset management agreements and related assets to substantially all of the retail investment funds currently managed by LOGiQ and its affiliates to Purpose Investments Inc. for approximately $32 million in cash. Both companies are based in Toronto.

“We are very pleased with the outcome, as existing fundholders will be well served with a broader, deeper product offering going forward,” says Joe Canavan, LOGiQ president and CEO, in a statement.

As a result of the sale, the names of 29 investment funds changed effective Dec. 15, Purpose has announced, and certain changes, including a change or manager or trustee, were made or will be made to the affected funds.

A complete list of all the changes is available in Purpose Investment’s news release.

Read: Purpose/LOGiQ deal a “good fit”

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