LOGiQ Asset Management Inc. Announces Sale of Institutional Partners Platform
20 April 2018 - 12:50AM
LOGiQ Asset Management Inc. (“
LOGiQ”, or the
“
Company”) (TSX:LGQ) today announced the closing
of the sale by the Company to Purpose Investments Inc.
(“
Purpose”) of certain institutional and private
client contracts for cash proceeds of $550,000 (the
“
Transaction”), consisting of approximately $300
million in assets under management overseen by a team (the
“
Institutional Partners Team”) led by Barry
Morrison and which includes Michael McNabb and Yvette Antoniak. As
part of the Transaction, the Institutional Partners Team will be
transferring to Purpose to continue their roles in servicing these
institutional and private clients.
The Transaction represents another milestone in
the repositioning of LOGiQ’s business, and LOGiQ management
believes that these clients will be best served as part of the
broader Purpose platform.
About LOGiQ:
LOGiQ (www.logiqasset.com) has an institutional
global advisory sales platform (the “Global Partners
platform”) providing pension funds, charities and
endowment clients with access to leading institutional money
managers from around the world. Following closing of the
Transaction, the Global Partners platform is the sole remaining
business of LOGiQ. LOGiQ had assets under management or
advisement and institutional advisory sales-related fee earning
arrangements that are not managed or advised, totaling over $3.4
billion as at December 31, 2017.
For further information concerning this press
release, please contact:
Mary
Anne PalangioChief Financial OfficerLOGiQ Asset Management
Inc.(416) 583-2300 |
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