Global asset management firm Lawrence Asset Management Inc. has amalgamated with Toronto-based Navina Capital Corp. to become Navina Asset Management Inc., the company announced on Monday.

On January 1, 2010, Lawrence Asset Management acquired all of the outstanding shares of Navina Capital.

Under the Navina brand, the combined company will build on the success and longevity of Lawrence, as well as benefit from the infrastructure and product delivery strength of the former standalone Navina, the company said.

The firm will manage 11 investment funds, including both mutual funds and closed end funds, with an aggregate of approximately $330 million of assets under management.

The company’s mandate will be focused on unique financial products and niche oriented investment funds, providing investment opportunities ranging from growth to yield or a focus on specific geographic regions and industry sectors.

Some of the firm’s funds include the Global Agribusiness Trust, the Long Reserve Life Resource Fund, and the Tax Optimized Return Oriented Securities Trust.

The acquisition resulted in a change of manager of one of its funds — the Navina/Lazard U.S. High Yield Bond Fund – under applicable securities laws. Navina Asset Management Inc. will continue to be the manager of the funds, including the bond fund, and will continue to operate under the terms of existing management agreements. This will not affect the operation or the management expense ratio of the funds, the companies said.

The Ontario Securities Commission is currently reviewing the change in management for the Navina/Lazard U.S. High Yield Bond Fund, the company said. Through inadvertence, neither regulatory approval nor the approval of unitholders of the fund was obtained in connection with the amalgamation, as was required under applicable securities laws.

“Upon becoming aware of the issue, Navina brought this to the attention of the staff of the Ontario Securities Commission,” the company said.

Lawrence’s president and chief operating officer, Ravi Sood, was appointed as the new chief executive officer of the firm. Navina Asset Management will also be led by Andrew Bentley, president; Catherine Stretch, chief operating officer; and Larry Guy, chief financial officer. Bentley and Guy were formally the principals of Navina.

IE