Management and employees, backed by an independent investor group, announce acquisition, building on its goal of being a leading independent global asset manager in Canada
Forstrong's management and employees, backed by an independent investor group, today announced the acquisition of iA Financial Group's majority interest in the firm, which amounts to 73.3%.
Established in 2001, Forstrong manages global investment portfolios to capitalize on macroeconomic, geopolitical and other world trends for some of Canada's largest financial institutions and individual investors.
"We are excited to broaden and increase employee ownership and grateful to iA's support over the past eight years," said Tyler Mordy, CEO and CIO. "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," he added.
iA Financial Group obtained a majority stake in Forstrong in 2013 through a broader acquisition. "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. We are excited for our former colleagues at Forstrong and wish them every success," said Sean O'Brien, Executive Vice President, iA Wealth.
Forstrong's management team remains committed to the integrity of its distinct active macro investment process developed and refined over the past two decades.
The independent investor group comprises seasoned investment professionals who have a history of entrepreneurship and innovation in Canada's wealth management industry. Philip Armstrong, a well-known industry participant, is one of the incoming shareholders. "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," stated Armstrong.