CI Financial Corp. and its subsidiary GSFM Pty Ltd. of Sydney announced Oct. 17 that GSFM has acquired a 49% equity stake in Redpoint Investment Management Pty Ltd.

Redpoint, a boutique global equities manager, uses a quantitative approach to investing in listed asset classes, including Australian and global equities, global infrastructure and global property.

"CI Financial and GSFM are pleased to expand our presence in Australia, the world's fourth-largest and fastest-growing pension market," said Kurt MacAlpine, CI Chief Executive Officer. "This new partnership adds scale to our business, with the two firms managing over A$17 billion combined. It enhances GSFM's roster of specialized investment managers, while increasing Redpoint's access to both Australian and global investors."

GSFM has acquired the Redpoint stake previously held by MLC Asset Management, formerly NAB Asset Management. Redpoint management will continue to control 51 per cent of the business. Terms were not disclosed.