(July 13 – 12:20 ET) – Myriad, a new limited partnership with initial capital of $225 million, has just been formed in Montreal. It aims to acquire fund management firms in a variety of sectors.
The announcement came from Carmand Normand, chairman, and Serge Rémillard, president and CEO.
Myriad initially plans to secure the participation of external investors in Addenda Capital, a company with $5 billion in assets under management, headed by president Carmand Normand. Addenda Capital is a leader in fixed-income fund managers in Canada.
Myriad’s limited partners are Paris-based Crédit Commercial de France (Groupe CCF), with an investment of $95 million, and Services financiers CDPQ, a subsidiary of the Caisse de dépôt et placement du Québec, with $95 million. U.S. institutional investors have indicated their intention to invest up to $35 million.
The company plans to invest specifically in growing, mid-sized fund management firms. Initial plans call for the acquisition of two or three Canadian fund management companies. The company aims to create a $50 billion portfolio within the next seven years.
“We will create a major holding company of fund management businesses in Quebec, one that will have all the tools to quickly climb to the top of its sector in Canada,” said Rémillard. “Myriad’s specific role will be to consolidate and develop the necessary fund management expertise, particularly in foreign fund management, and to encourage or facilitate mergers against the current backdrop of consolidation currently underway in North America.”
-IE Staff