GrowthWorks Merging with Seamark

WINNIPEG, Manitoba (Reuters) – Seamark Asset Management Ltd (SM.TO) and Growthworks Ltd have agreed to merge and form a mid-sized diversified asset management company, Seamark Chief Executive Brent Barrie said on Thursday.


The new company will be called Matrix Asset Management Inc, headed by current Growthworks President and CEO David Levi. Under the agreement, Halifax, Nova Scotia-based Seamark and Growthworks will be subsidiaries of Matrix.


The new company will combine Seamark’s investment management services to institutions and high net worth individuals with Growthworks record in venture capital and managing retail mutual funds.


The combination will improve profitability for Seamark shareholders and allow for long-term growth, said Stephen Rankin, Seamark’s chairman.


Seamark’s lightly traded stock was down 1 Canadian cent at C$1.34 on the Toronto Stock Exchange at midday.


($1=$1.07 Canadian) (Reporting by Rod Nickel)