Seamark Asset Management Ltd. said Wednesday it is acquiring the assets of LeeSide Capital Management, and reuniting with three of its former money managers in the process.
The Halifax-based investment manager, a unit of Matrix Asset Management (TSX:MTA), said all new business will be pursued under the LeeSide brand, which Bob McKim, George Loughery and Donald Wishart founded after leaving senior positions at Seamark.
The deal is expected to close by the end of the month.
The deal will see McKim, Loughery and Wishart return to Seamark, which they collectively spent 40 years building.
“This is a renaissance of sorts,” said Matrix and Seamark CEO David Levi.
“Bob, George and Don all contributed a great deal to Seamark’s tremendous past success. We are thrilled to bring them back to help rebuild our institutional and high net worth business.”
McKim said he and his colleagues are looking forward to starting a new chapter.
“We are very proud of what we once built at Seamark,” he said.
“We will continue to service LeeSide’s clients, and look forward to reuniting with Seamark’s loyal clientele to build on our past success.”
As part of the deal, LeeSide will receive a non-voting equity interest in Matrix’s institutional and high net worth operating division, the value of which will be about 35% of the value of new business generated after closing. Matrix will hold the rest.