SEAMARK buys LeeSide assets under management

Halifax-based SEAMARK Asset Management Ltd. has completed its transaction with LeeSide Capital Management Inc. to acquire LeeSide’s assets under management.

SEAMARK is the institutional subsidiary of Matrix Asset Management Inc.

The three founders of LeeSide—Robert (Bob) McKim, George Loughery and Donald Wishart—will take on senior officer roles at SEAMARK.

In exchange for the transfer of LeeSide’s assets, SEAMARK will pay LeeSide 0.8% of the value of the transferred assets under management retained as at Dec. 31, 2012. SEAMARK has also issued LeeSide 300 Class A Non-Voting Participating shares in the capital of SEAMARK that provide LeeSide with a non-voting equity interest in Matrix’s institutional and high net worth operating division.

The value of the equity interest will be up to 35% of the value of new business generated within this division after closing. The remaining equity interest will reside with Matrix.

“Together, SEAMARK’s existing personnel and the LeeSide founders will provide clients with a unique investment team with a proven strategy,” said David Levi, president and CEO of Matrix and SEAMARK. “We are deeply committed to our existing clients, and to re-building our institutional business with the LeeSide founders at the helm.”

“Now that it is official, we are looking forward to integrating our operations, and providing top-notch investment management to all of our clients,” said Bob McKim, CFA, founder and CEO at LeeSide and chief investment officer at SEAMARK. “This is an important first step in turning the corner for SEAMARK.”