Fiera buys assets

Toronto-based GMP Capital Inc. has entered into an agreement with Montreal-based Fiera Capital Corp. in which the latter will purchase roughly $570 million in assets under management (AUM) from GMP Investment Management LP (GMPIM) for $10.75 million in cash. As part of the agreement, GMPIM will receive 25% of performance fees earned in connection with the acquired assets for three years. Several funds, including GMP Diversified Alpha Fund, will be sold to Fiera as part of the agreement but will continue to be managed by Jason Marks, GMPIM’s CEO. Dan McClure has been appointed co-CEO of GMPIM and will succeed Marks with the conclusion of the transaction, which is expected in the first quarter of 2013.

(fcollie@investmentexecutive.com).