WisdomTree Investments, Inc. announced on Nov. 7 that it has entered into an agreement to sell its Canadian subsidiary, WisdomTree Asset Management Canada, Inc., to CI Financial Corp.

"We have had a lot of success in the Canadian market over the past three years,” said Jonathan Steinberg, WisdomTree CEO. “This transaction allows us to benefit from the scale and resources of CI Financial and participate more cost effectively in the continued growth of the Canadian ETF market by providing index licenses for each of the WisdomTree Canada funds that currently track WisdomTree's proprietary indexes."

Consideration for the transaction will range from CDN $7 to $13 million in cash, depending on the achievement of certain AUM growth targets over the next three years, says WisdomTree. CDN $5 million will be paid upfront, subject to purchase price adjustments at closing.

The transaction is subject to unitholder approval of the WisdomTree Canada funds and customary closing conditions.

WisdomTree Canada also announced that it will be terminating WisdomTree U.S. High Dividend Index ETF on or about Jan. 31, 2020 in accordance with the terms of its declaration of trust.