On June 2nd Gluskin Sheff & Associates announced that it has entered into an agreement to acquire Blair Franklin Asset Management in exchange for $15,000,000 in cash and 1,900,000 common shares. The transaction is expected to occur in the third quarter of this year, subject to certain closing conditions and regulatory approvals.
Blair Franklin is a boutique asset management firm specializing in fixed income with approximately $625 million in assets under management in its two funds, the Blair Franklin Global Credit Fund and the Blair Franklin Global Rates Fund.
Peter Zaltz, Blair Franklin's managing director and chief investment officer, will become executive vice-president and head of fixed Income at Gluskin Sheff and will be appointed to the firm’s management committee. Thomas C. MacMillan, chairman of Blair Franklin, will be appointed to the Gluskin Sheff's board of directors.
"Adding the talents and portfolio offerings of the Blair Franklin team to our own outstanding team enhances our global capabilities and broadens the ways in which we can earn strong risk-adjusted returns for our clients in the fixed income markets," commented Gluskin Sheff president and CEO Jeremy Freedman.