Matrix Asset Management Inc. (TSX:MTA) reports that previously announced business combination involving Matrix, SEAMARK Asset Management Ltd. and GrowthWorks Ltd. closed Friday.

“This business combination brings together three strong organizations with diverse and complementary products lines,” says David Levi, President and CEO of Halifax-based Matrix. “This is an innovative model that we believe will enhance the competitive position and opportunities for all parties involved.”

The combination gives the parent company, Matrix, multiple sources of revenue across several asset classes, including institutional asset management, conventional and specialty mutual funds, and venture capital/private equity.

Common shares of Matrix began trading on the Toronto Stock Exchange Friday under the trading symbol “MTA”.

Prior to the closing of the business combination, Matrix acquired and now owns 100% of the outstanding common shares of Seamark Asset Management Ltd.

On the closing of the business combination, 32,414,161 Matrix common shares were issued to former shareholders of GrowthWorks in exchange for 99.99% of the outstanding GrowthWorks common shares.

Matrix says it will operate its business divisions through GrowthWorks, Seamark and Mavrix Fund Management Inc., which is a wholly owned subsidiary of GrowthWorks, as separate business units.

Matrix manages approximately $3 billion in assets through GrowthWorks, Seamark and Mavrix.

IE