Canadian asset manager, Cougar Global Investments Ltd., is being acquired by publicly-traded U.S. financial firm, Raymond James Financial Inc. (RJF).
The price on the deal for Toronto-based Cougar Global was not disclosed. The transaction, which requires regulatory approval, would see Cougar Global become a wholly-owned subsidiary of RJF.
Since it was founded in 1993, Cougar Global has accumulated approximately US$1 billion in assets under management (AUM) for high net-worth individuals, families, foundations, trusts and institutions in Canada and the U.S. It builds globally diversified exchange-traded fund (ETF) portfolios for investors.
“We are confident that we have found a partner that is equally committed to our clients and with whom we can work to reach other investors who can benefit from our proven wealth management solutions,” said James Breech, president, CEO and chief investment officer of Cougar Global.
“This [deal] strengthens our platform and ability to deliver a greater variety of investment choices to our Canadian clients and other investors,” said Paul Allison, chairman and CEO of Raymond James Ltd., the Canadian arm of RJF.
Additionally, RJF subsidiary Eagle Asset Management, Inc. of St. Petersburg, Fl. plans to offer Cougar Global’s asset allocation strategies to its clients worldwide. “The acquisition of Cougar enhances our presence within the asset management industry by providing us with the ability to provide an important suite of investment options that our clients are seeking,” added Richard Rossi, president and co-chief operating officer of Eagle.
Eagle has more than US$30 billion in AUM, including the assets of wholly-owned Eagle Boston Investment Management, Inc., and Eagle affiliate, ClariVest Asset Management LLC.
Through its subsidiaries, RJF has approximately 6,300 financial advisors in more than 2,600 locations throughout the U.S., Canada and overseas. Total client assets are approximately US$480 billion.