Munro completes GSFM acquisition

Munro Partners has completed its acquisition of GSFM Funds Management, consolidating its Australian distribution and funds management operations as it enters a new phase of its partnership with Canadian investment manager CI Global Asset Management (CI GAM).

The transaction, which received Foreign Investment Review Board (FIRB) approval, sees Munro acquire GSFM, CI GAMs, Australian fund management business. CI GAM will take a larger minority stake in Munro, deepening the firms' strategic alignment and long-term commitment to growth across Australia and Canada.

GSFM's distribution team and funds management operations have been integrated into Munro, which will continue distributing GSFM's range or funds, including those involving investment partners such as CI GAM.

Munro chief executive Ronald Calvert said the acquisition marked a significant milestone for the business and would strengthen its ability to support advisers and investors in the Australian market.

"The acquisition opens the next chapter of our partnership with CI Global Asset Management, built over many years. The combination of Munro's investment expertise and GSFM's established distribution relationships creates an exciting opportunity to strengthen our position in the market," Calvert said.

The transaction follows Munro's announcement in August it would acquire GSFM, with the deal intended to bring its investment capabilities and local distribution network closer together.

The firm's partnership has developed over several years, with GSFM distributing Munro funds in Australia since 2017. CI GAM will continue distributing funds sub-advised by Munro in Canada.

Munro said the acquisition would not alter its investment management team, investment approach or process, with the integration focused on strengthening its Australian distribution capabilities and relationships across intermediary and institutional channels.

The combined business will continue to distribute GSFM funds, while the expanded partnership aims to support further growth in both markets.