Home Breadcrumb caret Industry News Breadcrumb caret Industry Cidel Asset Management to acquire fixed income manager Lorica Investment Counsel is a specialty bond manager focused on the Canadian market By Staff | May 10, 2021 | Last updated on May 10, 2021 1 min read Toronto-based Cidel Asset Management Inc. has reached a deal to acquire Lorica Investment Counsel Inc. Lorica, also based in Toronto, is a specialty bond manager focused on the Canadian market that manages about $900 million in assets for institutional, private and managed account clients, according to a release. As part of the deal, Lorica president Gary Morris will become leader of Cidel’s fixed income team. “Our clients continue to look for innovative solutions for income investing,” Arthur Heinmaa, Cidel’s chief investment officer, said in a statement. “Gary and his team are ideally positioned to complement and build on Cidel’s capabilities.” Cidel, the asset management division of Cidel Bank Canada, manages about $15 billion on behalf of individuals, families, foundations and institutions in Canada and around the world. The transaction is expected to close in June. Terms were not disclosed. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo