Alternative investment company BluMont Capital Corp. announced on Wednesday that it has entered into a binding agreement to acquire Toronto-based investment management firm Northern Rivers Capital Management Inc.

The purchase, which is subject to regulatory approval, is expected to close in February, 2010.

BluMont, a subsidiary of Integrated Asset Management Corp., provides retail investors with investment products designed to provide enhanced diversification and return potential outside of traditional equity and fixed income investments.

Northern Rivers, founded in 2001, offers unique, specialized investment funds, including the Northern Rivers Innovation Fund LP, the Northern Rivers Conservative Growth Fund LP and the Northern Rivers Global Energy Fund LP. The firm focuses on delivering creative, concentrated strategies and superior long-term rates of return.

“We have the highest regard for the skill and talent of Northern Rivers portfolio managers Hugh Cleland and Alex Ruus, and are very pleased to expand our portfolio management capabilities by bringing them on board,” said Victor Koloshuk, chairman, president and CEO of IAM.

“We bought Northern Rivers because we believe that Hugh and Alex are the best portfolio managers in their space.”

Cleland specializes in small cap investing in the technology, healthcare and resource sectors, and Ruus has extensive experience running diversified portfolios and specialized expertise in the energy sector.

“They will be a welcome addition to the BluMont Capital roster of talented managers, which includes Veronika Hirsch, Roland Austrup, David Iben of Tradewinds Global Investors LLC and Allan Brown and Geoff Barth of Burlington Capital Management Ltd.,” Koloshuk said.

Robert Blakely, president of Northern Rivers, said he expects the firm’s funds to advantage from economies of scale at IAM.

“We are confident that the Northern Rivers funds, with Hugh and Alex, will prosper at IAM,” he said. “They will benefit from the scale and depth of resources of a much larger, dedicated alternative asset management firm like IAM. Our clients will continue to enjoy the high quality service to which they are accustomed, and will also have access to the full range of IAM’s alternative asset management expertise.”

IAM has approximately $2 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments.