CI Global Asset Management announced it has agreed to acquire Forge First Asset Management Inc., a Toronto-based alternative asset manager with approximately $1 billion in assets under management.
Forge First manages funds that invest in North American securities using a long-short approach designed to achieve a balance between asset protection and capital enhancement. With this approach, the Forge First team has achieved consistent risk-adjusted returns and strong asset growth in a dynamic market environment. The company is led by co-founders and industry veterans Andrew McCreath, Chief Executive Officer, and Fatima Hirani, Chief Operating Officer and Chief Financial Officer. Keenan Murray serves as Chief Investment Officer.
“The Forge First team has proven itself in the alternatives space with an impressive track record of results and a strong focus on risk management as shown by the resiliency of their strategy in market downturns,” said Marc-André Lewis, President and Chief Investment Officer, CI GAM.
“Investor interest in alternatives is growing rapidly and CI GAM is committed to providing investors with a diverse selection of strategies. The addition of Forge First will expand our capabilities in this important segment and serve as an excellent complement to our existing lineup of liquid alternatives and private markets funds.”
“CI GAM is the ideal partner to drive the next stage of growth at Forge First,” said Mr. McCreath, the firm’s Chief Executive Officer. “CI GAM’s scale and extensive capabilities in distribution and marketing can boost our exposure to advisors across Canada, as well as to family offices and institutional investors.
“We also look forward to working with the CI GAM investment team, whose deep expertise and research resources can benefit and enhance our strategies. Together, we are extremely well positioned to gain increasing share in a growing asset class.”
“Over the past six years, CI has made significant investments in modernizing and expanding our Canadian asset management, wealth management and investment services businesses,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, CI GAM’s parent company. “Their growth and development is a key strategic priority for CI and this includes seeking attractive acquisition opportunities such as Forge First, which complement and extend our range of investment and wealth management solutions.”
Forge First manages four investment funds – two liquid alternatives mutual funds and two limited partnerships – that are distributed through investment dealers, including all major Canadian bank-owned dealers. As CIO, Mr. Murray oversees portfolio construction and security selection, as well as determining the funds’ overall investment strategies and restrictions.
Morrison Park Advisors is serving as financial advisor and Borden Ladner Gervais LLP is legal advisor to Forge First. Stikeman Elliott LLP is legal advisor to CI GAM.
The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions including regulatory approvals. Terms were not disclosed. Following the completion of the acquisition, Forge First will continue to operate as a separate business under its current name and continue to provide its alternative investment solutions to Canadian investors.
Source: Business Wire
