First Asset Capital Corp. has completed its acquisition of Criterion Investments, which it purchased from VenGrowth Asset Management, the companies announced on Tuesday.

The sale of Criterion Investments, which was announced in mid-March, was completed July 31.

Criterion is a provider of retail investments with features typically only available to institutional and high net-worth investors. Since 2004, Criterion has launched Canada’s first global water infrastructure fund, a global clean energy fund and a family of currency-hedged funds.

“We are very excited to welcome Criterion to the First Asset family. It is our intention to build the Criterion brand, expand its current product line-up, and continue its tradition of innovation,” said Barry Gordon, president and CEO of First Asset.

First Asset is an independently owned wealth-management company that offers a diverse range of investment products such as exchange-listed investment funds, mutual funds and principal-protected notes.

At the end of July, the combined assets of First Asset and Criterion were approximately $1 billion.

The companies said that Criterion would retain its brand, its fund line-up and its sub-advisors. Ian McPherson will continue his role as president of Criterion.

“We believe this marks the beginning of a great partnership,” said McPherson. “By joining forces with First Asset, Criterion will continue its commitment of helping investors make portfolios better by offering innovative investment solutions.”

VenGrowth, a private equity and alternative investment manager, will maintain a minority equity interest in Criterion.

“This transaction allows VenGrowth to dedicate itself fully to its private equity business while still participating in the future success of Criterion and First Asset through a minority equity interest resulting from the deal,” said Michael Cohen, managing general partner at VenGrowth.