TORONTO, May 1, 2013 /CNW/ - GMP Capital Inc. (GMP) (TSX: GMP) today
announced that GMP Investment Management L.P. (GMP IM) has completed
the transaction to sell certain advisory contracts and assets under
management to Fiera Capital Corporation (Fiera) for cash proceeds of
$10.8 million. This transaction was initially announced on January 18,
2013.
As previously disclosed, GMP will also be entitled to receive 25 percent
of performance fees earned in connection with the advisory contract and
assets acquired by Fiera for a period of three years, subject to
certain exceptions and minimum retained assets under management
conditions.
This transaction presented GMP with the opportunity to monetize a major
portion of its asset management business and strategically reposition
the business and align its mandate to complement the franchise-building
efforts of its partners at Richardson GMP Limited. GMP IM intends to
rebrand as CQI Capital Management LP later this year under the
leadership of Chief Executive Officer, Dan McClure. GMP IM's existing
portfolio management team comprised of industry professionals with
extensive experience and a proven track record of performance will
continue to manage the GMPIM Equities Opportunities Fund and the
Genesis Partners Fund LP. The business expects to launch new fund
offerings later this year as market conditions warrant. "We are
confident that Dan and his team will provide the necessary leadership
required to grow this business going forward," said Harris Fricker,
Chief Executive Officer and President, GMP. "Investors in the GMPIM
Equity Fund and the Genesis Fund will continue to benefit from the same
management team that is currently overseeing their assets."
ABOUT GMP CAPITAL INC.
GMP Capital Inc. (GMP) is a leading independent diversified financial
services firm headquartered in Toronto, Canada, providing a wide range
of financial products and services to a global client base that
includes corporate clients, institutional investors and high-net-worth
individuals in two integrated reporting segments. The Capital Markets
segment provides investment banking, including advisory and
underwriting services, institutional sales and trading and research
through offices located in Toronto, Montreal, Calgary, New York, Miami,
Dallas, London, Perth and Sydney. The Capital Markets segment conducts
its business through the following operating entities: GMP Securities
L.P., GMP Securities, LLC, Griffiths McBurney Corp., GMP Securities
Europe LLP and GMP Securities Australia Pty Limited. Wealth Management
consists of GMP's non-controlling ownership interest in Richardson GMP
Limited and the investment management and alternative investment
products provided by GMP Investment Management L.P. Richardson GMP
Limited is a full-service independent firm focused on providing
exclusive and comprehensive wealth management and investment services
delivered by an experienced team of investment professionals. GMP is
listed on the Toronto Stock Exchange under the symbol "GMP". For
further information, please visit our corporate website at gmpcapital.com.
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SOURCE: GMP Capital Inc.
GMP Capital Inc.
Rocco Colella, Director, Investor Relations
145 King Street West, Suite 300, Toronto, Ontario M5H 1J8
Tel: (416) 941-0894; Fax: (416) 943-6175
rcolella@gmpcapital.com or investorrelations@gmpcapital.com