Matrix Asset Management Inc.
TSX : MTA

Matrix Asset Management Inc.

March 06, 2012 16:00 ET

Matrix Asset Management Inc.: LeeSide Capital Principals to Assume Portfolio Management Responsibilities for SEAMARK

Marks a first step in rebuilding Matrix's Institutional and High Net Worth Division

HALIFAX, NOVA SCOTIA--(Marketwire - March 6, 2012) - SEAMARK Asset Management Ltd. ("SEAMARK") announced today that it has entered into an agreement that will see the three founders of LeeSide Capital Management Inc. ("LeeSide") (www.leesidecapital.com), Robert (Bob) McKim, George Loughery and Donald Wishart, rejoin SEAMARK where they collectively spent nearly 40 years building the SEAMARK business. Under the agreement, SEAMARK will also acquire LeeSide's assets under management. SEAMARK is the institutional and high net worth operating subsidiary of Matrix Asset Management Inc. (TSX:MTA) ("Matrix"), a diversified Canadian asset management company (www.matrixasset.ca). The transaction is expected to close on or around March 30, 2012, subject to the parties securing necessary regulatory approvals and other customary closing conditions.

"This is a renaissance of sorts," states David Levi, CEO of Matrix and SEAMARK. "Bob, George and Don all contributed a great deal to SEAMARK's tremendous past success. We are thrilled to bring them back to help rebuild our institutional and high net worth business."

Under Matrix's growth strategy for its institutional and high net worth division, SEAMARK's existing clients will remain a top priority - both from a portfolio management perspective as well as the ongoing relationship management and servicing.

"We are looking forward to reuniting with SEAMARK, and starting this new chapter," says Bob McKim, CFA, founder and CEO at LeeSide. "We are very proud of what we once built at SEAMARK. We're returning with the investment management style which we crafted with SEAMARK founder Peter Marshall. There are numerous benefits to clients…the ownership, longevity and consistency of our investment style, a familiarity with portfolios and a deep understanding of the needs of our prior clients. We will continue to service LeeSide's clients, and look forward to reuniting with SEAMARK's loyal clientele to build on our past success."

In connection with the transaction, it is expected that all new business will be pursued under the LeeSide brand. As part of the transaction, LeeSide will receive a non-voting equity interest in Matrix's institutional and high net worth operating division, the value of which will approximate 35% of the value of new business generated within this division after closing. The remaining 65% will reside with Matrix. The transaction remains subject to regulatory approval and other conditions. There can be no assurance that the transaction will be completed within the timeframe contemplated or at all.

About LeeSide

LeeSide Capital Management is a conservative professional investment management firm, managing assets on behalf of prominent institutions, high net worth individuals and pension funds. LeeSide maintains a guiding principle of managing portfolio risk, helping to shelter assets from market volatility, as the nautical term "lee" suggests.

The founders and shareholders of LeeSide include Robert McKim, George Loughery and Donald Wishart - three investment professionals with an extensive pedigree and track record. All had held senior positions at SEAMARK, and practiced an investment management style that led Halifax-based SEAMARK to gain national recognition, managing assets from coast to coast.

Each of the principals of LeeSide began their careers in the employ of corporate pension fund sponsors. They empathize with fund sponsors, endowments and foundations as to the challenges they face in these times of unprecedented volatility and historically low interest rates. After its launch in 2009, just a year after the steep market decline during the second half of 2008, the LeeSide strategy quickly became one of risk management. This guiding principle led LeeSide to be an early entrant into the 'low volatility' space that can play an important role for institutional and private clients alike.

About Matrix

Matrix Asset Management (TSX:MTA) is a diversified asset and wealth management company with approximately $1.9 billion in assets under management and offices across Canada. Matrix's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. Matrix delivers its services through three main operating subsidiaries serving institutional, high net worth and retail investors.

About SEAMARK

SEAMARK provides investment management services, with a focus on preserving and enhancing clients' assets over the long-term. SEAMARK's services have been benefiting clients for over 28 years. Since its inception in 1982, experienced and accessible investment professionals have followed a team-based process that consistently applies clearly articulated investment principles to meet each client's objectives. SEAMARK is the institutional and high net worth portfolio management arm of Matrix, a publicly traded, diversified asset management company.

SEAMARK offers its services to clients across Canada including;

  • Pension funds requiring an investment manager able to exceed their investment objectives within their risk parameters.
  • Endowments and Foundations seeking an investment manager who understands the challenges they face.
  • Group retirement plan sponsors whose investment needs are met through a complete family of pooled funds.
  • Mutual funds, bringing the benefits of SEAMARK's long-term institutional investment approach to individual retail investors.
  • High net worth private investors, including those participating in the managed portfolio advisory programs (wrap programs) of many of Canada's top financial institutions.

To view a photo of Robert McKim (LeeSide) and David Levi (SEAMARK) click on: http://media3.marketwire.com/docs/mta.jpg

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