Canada-based Forstrong Global Asset Management has acquired 100% of Shaunessy Investment Counsel’s (SIC) outstanding shares for an undisclosed amount.
Established in 2001 by industry veteran Terry Shaunessy, the acquired firm provides specialised investment counsel service to high net-worth (HNW) families and institutional clients.
The deal is part of Forstrong’s strategy to bolster its presence as a global macro asset manager in Canada.
The firm, founded in 2001, oversees global investment portfolios to capitalise on macroeconomic, geopolitical and other world trends for financial institutions and individual investors in the country.
Commenting on the deal, Forstrong CEO and CIO Tyler Mordy said: “SIC has a very strong alignment with Forstrong’s investment philosophy, corporate culture and vision.
“Combining the two firms increases the depth of our investment management team, provides additional scale and resources to build on the firm’s operational structure, and, ultimately, broadens and enhances our client service offering.”
As part of the transaction, the combined group will continue to offer its distinct global investment expertise to financial professionals, institutions, and individual investors.
SIC’s James Garcelon will join Forstrong as president, while Shaunessy will be part of Forstrong’s investment committee.
The deal will not affect Forstrong’s existing staff.
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Shaunessy said: “This partnership immediately provides both scale to our firm and enormous benefits to our clients, along with a dedicated and esteemed global macro manager.
“Our common values, shared investment philosophy and entrepreneurial corporate culture make this an excellent fit for us and our clients.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
