CANADA - The Ontario Municipal Employees Retirement System has announced that its strategic investment arm has bought the asset management arm of Guard Resources (GRL).
It added this new investment would be operating under the name of OMERS Energy Services - comprising of GRL's employees, assets and management contracts.
GRL has been associated with OMERS and its direct investments in the oil and gas sector since 1984.
Gordon Phillips, formerly president and chief executive officer of Guard Resources has been appointed as the president and chief executive of OMERS Energy Services.
OMERS president and chief executive Michael Nobrega said: "Phillips and his team have generated annual investment returns greater than 20% over the past ten years and we have a long-standing relationship that made this deal a natural fit for our direct-drive asset management strategy."
The pension fund said the strategic focus would be placed on properties where OMERS Energy Services could obtain operational control.
It added the assets would be acquired through competitive bids and private sales.
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