The slump in equity markets is taking a toll on many smaller North American asset managers, creating a buyers' market for firms looking for acquisitions, the chief executive of CI Financial (CIX.TO) said on Thursday. CI, Canada's No. 3 investment fund company, is interested in making some small, "tuck-in" acquisitions, possibly adding to its distribution network for its institutional business in both the Canadian and U.S. markets, Stephen MacPhail said at the CIBC Eastern Institutional Investor Conference in Montreal. He said the current market turmoil will surely create some casualties and could lead to some good deals. "I can say that just from the number of U.S. firms that are coming up and pitching me on different opportunities - because I have made it clear that if there is the right opportunity in the U.S., we would look at it - there are going to be some opportunities," he said.
Shares of CIX fell by 1.05% or $-0.13/share to $12.30. In the past year, the shares have traded as low as $9.66 and as high as $17.90. On average, 2543 shares of CIX exchange hands on a given day and today's volume is recorded at 4036.
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