Canadian asset manager CI Financial has completed the takeover of the Canada arm of New York-based ETF provider WisdomTree Investments.
The deal was announced in November last year. At that time, the deal consideration was said to be in the range of $7m to $13m.
The acquisition of WisdomTree Asset Management Canada (WisdomTree Canada) boosts the ETF assets of CI to more than $10bn.
This is the result of the inclusion of 14 Toronto Stock Exchange-listed ETFs to CI’s books. These 14 ETFs manage around $1bn in assets.
CI CEO Kurt MacAlpine said: “The addition of ETFs offering WisdomTree’s fundamentally weighted approach to indexing, along with the recent launch of CI Liquid Alternatives™ in an ETF structure, further diversify our lineup and complement CI First Asset’s extensive family of smart beta and actively managed ETFs.
“With this acquisition, we are modernising CI’s asset management operations and accessing expertise on a global basis to enhance our products and services.”
The current WisdomTree ETF line-up has been retained. The existing investment objectives and underlying indexes of the ETFs have remained unchanged.
The manager of WisdomTree Canada ETFs will now operate as CI ETF Investment Management.
Recently, WisdomTree announced plans to sell its $58m stake in wealth management technology platform AdvisorEngine.