TORONTO, April 19, 2018 (GLOBE NEWSWIRE) -- LOGiQ Asset Management Inc. (“LOGiQ”, or the “Company”) (TSX:LGQ) today announced the closing of the sale by the Company to Purpose Investments Inc. (“Purpose”) of certain institutional and private client contracts for cash proceeds of $550,000 (the “Transaction”), consisting of approximately $300 million in assets under management overseen by a team (the “Institutional Partners Team”) led by Barry Morrison and which includes Michael McNabb and Yvette Antoniak. As part of the Transaction, the Institutional Partners Team will be transferring to Purpose to continue their roles in servicing these institutional and private clients.
The Transaction represents another milestone in the repositioning of LOGiQ’s business, and LOGiQ management believes that these clients will be best served as part of the broader Purpose platform.
About LOGiQ:
LOGiQ (www.logiqasset.com) has an institutional global advisory sales platform (the “Global Partners platform”) providing pension funds, charities and endowment clients with access to leading institutional money managers from around the world. Following closing of the Transaction, the Global Partners platform is the sole remaining business of LOGiQ. LOGiQ had assets under management or advisement and institutional advisory sales-related fee earning arrangements that are not managed or advised, totaling over $3.4 billion as at December 31, 2017.
For further information concerning this press release, please contact:
| Mary Anne Palangio Chief Financial Officer LOGiQ Asset Management Inc. (416) 583-2300 | |
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