(Bloomberg) -- Money managers Davis Rea Ltd. and GlobeInvest Capital Management Inc. are merging to create a Toronto-based money manager with $1 billion of assets under management.
“Our discussions with GlobeInvest began over two years ago, not just for the sake of creating a bigger firm, but with the goal of ensuring that both our teams could better serve our clients by pooling talent, expanding our expertise, and enhancing operational efficiency,” Davis Rea Chief Executive Officer John O’Connell said in a letter to clients.
The merger will take effect Jan. 1, with Davis Rea acquiring all of the shares of GlobeInvest, according to the letter. The combined firm will move to a new office later.
Both firms operate as boutiques, tailoring their asset selection to their clients’ needs and focusing on long-term returns, according to O’Connell.