Munro Partners to acquire GSFM

Munro Partners will acquire GSFM, the Australian investment fund management affiliate of CI Global Asset Management, in a deal designed to strengthen its local distribution capabilities.

Under the proposed transaction, Toronto based CI Financial, the parent company of CI GAM, will receive an increased minority ownership interest in Munro.

Munro currently manages $8.6 billion in assets and acts as investment manager for its Australian products distributed by GSFM, as well as portfolio adviser to funds distributed in Canada by CI GAM.

The acquisition will bring GSFM's Australian distribution team and funds management operations into Munro, with the combined business continuing to distribute GSFM's range of funds, including products sub-advised by CI GAM and third-part investment managers.

Munro Partners chief executive Ronald Calvert said the transaction would align the firm's investment and distribution capabilities while supporting longer-term growth.

"Strategically, we can continue to grow the Australian business in a more sustainable way by investing in the skills and capabilities of the distribution team and aligning the GSFM business more closely with Munro's partnership model," Calvert said.

Munro said it would add resources to the combined Australian client service and distribution functions to provide greater support to intermediary partners and investors.

There will be no changes to Munro's investment management team, investment philosophy or investment process as a result of the transaction.

CI GAM president and chief investment officer Marc-André Lewis said the deal reflected the strength of the relationship between the firms, with GSFM having distributed Munro funds since 2017.

"This transaction creates a stronger firm with a more diversified, scalable platform that is well positioned for continued growth in both the Australian and Canadian markets," Lewis said.

CI GAM will continue to distribute funds advised by Munro in Canada following completion of the transaction, while Munro will continue distributing GSFM funds in Australia.

The deal is subject to customary regulatory approval and is expected to be completed in the fourth quarter of 2026.

The transaction will also increase CI Financials' minority stake in Munro, strengthening its strategic alignment with the Australian investment manager as both firms seek to expand their presence across Australia and Canada.