CI Financial Corp. has completed its acquisition of WisdomTree Asset Management Canada Inc., acquiring all issued and outstanding shares of WisdomTree Investment Inc.’s Canadian exchange-traded fund business.

Announced in November 2019, CI paid $5-million in cash at the deal’s closing. Total cash consideration payable to WisdomTree will range from $7-million to $13-million, based upon certain assets under management (AUM) growth targets for the funds over the next three years, stated WisdomTree in a Feb. 20 announcement.

“Canada is an exciting market, particularly as we expect that Canadian fund industry assets will continue to shift from mutual funds to ETFs in the coming years. This transaction allows us to focus more on our core markets in the U.S. and Europe while still benefitting from continued growth in the Canadian ETF market,” says WisdomTree’s chief executive officer, Jonathan Steinberg.

The transaction adds 14 Toronto Stock Exchange-listed ETFs, with approximately $1-billion in AUM, to CI’s ETF lineup, increasing CI’s ETF assets to over $10-billion. CI says it is maintaining the existing lineup of WisdomTree Canadian ETFs with no changes to their current investment objectives, strategies or underlying indexes. The manager’s name on the funds will change from WisdomTree Assets Management Canada, Inc., to CI ETF Investment Management Inc., effective immediately. The fund’s names will change March 4, 2020.