CI Investments Inc. has entered into a definitive agreement to acquire alternative trading systems operator Perimeter Financial Corp., the companies said Tuesday.
Perimeter operates three alternative trading systems, CBID Institutional, CBID Retail and CBID Futures, which provide transparent marketplaces to trade Canadian fixed-income instruments for institutional and retail customers.
“We are pleased to acquire CBID, a proven system with exciting potential,” said Stephen MacPhail, CI president. “With the stability and resources provided by CI’s ownership, we expect renewed growth and success for the CBID business.”
“Working with CI, which shares our focus on innovation, will help continue the evolution of electronic trading in Canada,” said Doug Steiner, CEO of Perimeter.
The CBID team will remain in place, led by Geoff Eby, president of Perimeter Markets. The transaction, which is subject to regulatory approval, is expected to close in April. Terms were not disclosed.
CI Investments is a wholly owned subisidary of CI Financial Corp., an independent, Canadian-owned wealth management company with approximately $74.5 billion in fee-earnings assets as of Feb. 28, 2009.
IE
CI Financial to acquire Perimeter Financial
CBID team to remain in place at alternative trading systems operator
- By: IE Staff
- March 10, 2009 March 10, 2009
- 11:40