Seamark Asset Management Ltd. is announcing the successful completion its initial public offering of Seamark common shares. Seamark’s shares trade on the Toronto Stock Exchange under the symbol SM.

An underwriting syndicate led by BMO Nesbitt Burns Inc., and consisting of RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James Ltd., and Beacon Securities Limited, purchased just over 3.9 million shares at $11 per share in a secondary offering by Peter Marshall and The Manufacturers Life Insurance Co.

Manulife has granted the underwriters an over-allotment option to purchase up to an additional 393,100 common shares. If the over-allotment option is exercised in full, Manulife’s ownership interest in Seamark after the offering will be approximately 35% and Peter Marshall’s ownership interest will be approximately 14%. Seamark employees will own approximately 10% of Seamark’s outstanding shares.

Seamark is based in Halifax. Founded by Peter Marshall in 1982, Seamark provides investment management services to a broad range of clients, including institutional clients, mutual fund companies, and private clients, including participation in the wrap account programs of five of Canada’s leading investment dealers. As of March 31, 2001, Seamark managed over $5.6 billion in assets on behalf of clients.