An investor group led by Gordon McMillan and Andrew McKay has acquired a significant minority interest in Toronto-based Marquest Asset Management Inc., the firm announced Monday.

Marquest is a diversified asset management firm, specializing in resource, fixed income and equity funds, servicing private clients, corporations and institutional investors.

As a result of the transaction, McMillan becomes chairman of the board and McKay becomes president & chief operating officer of Marquest. Additional senior appointments in both sales & marketing and portfolio management are planned in the near future.

McMillan and McKay bring a wealth of experience in the Canadian financial services industry having between them previously founded and built, among other companies, Triax Capital, Skylon Capital Corp., Fairway Capital Management Corp. and the VentureLink Group of Funds.

“Marquest is a high-quality investment manager with strong investment capabilities and a first class client service offering” says McMillan. “We believe Marquest has the potential to become a significant Canadian asset management firm”.

“We welcome the participation of such experienced and respected partners and look forward to their contribution to building Marquest to it’s full potential” adds Gerry Brockelsby, the founder and CEO of Marquest.

The unvestor group has the right to acquire a further interest in Marquest as part of a long-term strategic plan for the firm. The initial transaction closed on September 22, and provides additional financial and industry resources to support the growth strategy of the business.