Newspaper article The Canadian Press

Aston Hill, Front Street Capital Plan to Create Larger Asset Management Company

Newspaper article The Canadian Press

Aston Hill, Front Street Capital Plan to Create Larger Asset Management Company

Article excerpt

Aston Hill, Front Street plan to join forces

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TORONTO - Two Canadian mutual fund operators have a plan to create a larger independent money manager with $3.1 billion of assets under management.

The friendly deal announced Friday would combine publicly traded Aston Hill Financial Inc. (TSX:AHF) and Front Street Capital 2004, both based in Toronto.

Front Street has the smaller asset base, with $879 million of client money under management as of Aug. 31, but its shareholders would have the largest equity stake in the combined company.

Current shareholders in Front Street would end up with 46 per cent of the merged firm's equity and Aston Hill's shareholders would own 41 per cent if the deal goes through as planned.

The deal is supported by the boards of both companies, and significant shareholders, but also requires approvals from Aston Hill's debt holders. …

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