OMERS Platform Investments, an affiliate of Ontario Municipal Employees Retirement System, has agreed to acquire a minority equity stake in Purpose Investments Inc, a Toronto-based provider of exchange traded funds, mutual funds and other investment vehicles. The terms of the deal, expected to close today, were not released. Purpose was founded in 2012 by President and CEO Som Seif. Seif said the partnership with OMERS will supply the firm “with the capital we need to advance our business faster and further.” Purpose currently oversees $3.3 billion in assets.
Photo: Som Seif, president and CEO of Purpose Investments Inc.
Purpose Investments Inc. announces a strategic investment by OMERS with the purchase of a minority equity position
TORONTO, ON–(Marketwired – May 25, 2017) – Purpose Investments Inc. (“Purpose” or the “Company”) announced today that it has reached a definitive agreement to sell OMERS Platform Investments a minority interest in the Company. OMERS is one of Canada’s largest pension funds, with over $85 billion net assets under management.
“We founded Purpose on the idea that Canadians needed a better solution to protect and grow their investments, and that the investment industry was ready for the next step in its evolution,” said Som Seif, President and Chief Executive Officer of Purpose Investments. “We have seen tremendous growth in our business since our inception four years ago, and this new relationship with OMERS will provide us with the capital we need to advance our business faster and further. The opportunity in front of us now, to gain market share and to be the benchmark by which our peers are measured, is bigger than it has ever been. Further, this transaction allows us to reimagine the role we will play in our industry.”
“This new relationship goes beyond the simple benefit of access to capital,” continued Seif. “OMERS, as one of Canada’s largest pension funds, has tremendous insights and credibility, specifically in terms of asset management and entrepreneurship, and we both share a long-term view of success.”
The transaction is scheduled to close today.
About Purpose Investments
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $3.3 billion in assets under management and currently offers 33 exchange traded funds and mutual funds and 6 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.
About OMERS Platform Investments
OMERS Platform Investments is the innovation arm of OMERS, the pension plan for municipal employees in Ontario. OMERS Platform Investments leverages expertise from across OMERS to identify, establish and incubate new arms-length platforms that drive exposure to new investment themes and asset classes. OMERS has employees in Toronto and other major cities across North America, the U.K., Europe and Australia — originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate. For more information, please visit www.omers.com.
For more information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
Photo courtesy of Gibraltar & Co