CI Financial Corp. on Monday announced that it has completed its acquisition of First Asset Capital Corp. Both firms are based in Toronto.

See: CI adds ETFs

First Asset provides actively managed and factor-based exchange-traded funds (ETFs) to the Canadian marketplace. The company, which has approximately $3 billion in assets under management, also offers a suite of mutual funds and closed-end funds.

Terms of the transaction, which was first announced on Oct. 23, were not disclosed.

First Asset will continue to operate as a separate company under its own name and current management team, led by Barry Gordon, president and CEO, CI says in a statement.

CI will be working with First Asset to build on its leadership in the actively managed ETF sector, CI adds.

First Asset distributes its products through Canadian investment dealers and financial advisors.