US / CANADA - Canadian asset manager Connor, Clark & Lunn Investment Management (CC&L) has joined forces with Arrowstreet Capital to create a new equities management firm, Connor, Clark & Lunn Arrowstreet Capital (CC&L Arrowstreet).
CC&L Arrowstreet will provide global, EAFE and US equities investment products for a institutional clients, and will be based in Toronto. Larry Lunn, chairman and founding partner of Vancouver-based CC&L, said that the new firm will focus solely on non-Canadian investments for its clients.
The firm will be headed by Dennis Perry and Bruce Clarke, senior partner at CC&L and managing partner & president of the Boston fund manager respectively. Perry will be CC&L Arrowstreet's president, whilst Clarke will be chairman.
The new firm believes that its investment process will produce consistent added value returns, and that it easily adapts to changing market conditions. CC&L Arrowstreet claims that this represents an attractive strategy for investors in increasingly volatile financial markets.
Clarke said of the deal: Both firms believe strongly that by pooling our capabilities we can offer the global reach that Canadian institutions are increasingly demanding. We have been very active in Canada, and this association with one of the country's most prestigious money managers will help us serve Canadian institutions even more effectively.
CC&L currently has C$18bn (US$11.5bn) in assets under management. Founded in 1982, the firm offers balanced and speciality investment management services to Canadian institutional investors.
Arrowstreet runs US$1.4 bn under management and is 70% owned by its ten principals. CalPERS, the giant California-based pension fund, has a 15% stake in the firm, whilst the rest is held by the investment bank Putnam Lovell.
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