The Toronto headquartered asset management firm will also have greater employee ownership
Employees and other investors are enabling a Canadian firm to forge its own path as a leading independent global asset manager.
Forstrong Global Asset Management has announced that it has acquired the 73.3% of its shares held by iA Financial Group. The stake was acquired by iA in 2013 as part of a broader acquisition.
"We are excited to broaden and increase employee ownership and grateful to iA's support over the past eight years," said Fortstrong CEO and CIO, Tyler Mordy. "We also welcome our new independent shareholders whose contributions will allow us to expand our leading-edge suite of active macro strategies for financial professionals, institutions and individual investors.”
With greater control of its own destiny, Forstrong intends to grow its business focused on the management of global investment portfolios to capitalize on macroeconomic, geopolitical, and other world trends for some of Canada's largest financial institutions and individual investors.
Among the new shareholders is well-known industry participant Philip Armstrong, along with many other seasoned investment professionals.
"The investor group is pleased with the opportunity to work with Forstrong to help them offer a broader range of products and services to their clients while allowing them to deepen distribution through their existing partner platforms and clients across the country," said Armstrong.
Positive step for growth
For iA Financial, the divestment of its majority holding in Fortstrong makes sense for both companies.
“We view this transaction as a positive step in Forstrong's ongoing growth evolution, as well as a necessary refinement in the core product strategy within iA's wealth division,” said Sean O'Brien, executive vice president, iA Wealth. “We are excited for our former colleagues at Forstrong and wish them every success."
