Key Takeaways
- • CI Global Asset Management (CI GAM) has completed its acquisition of Toronto-based alternative asset manager Forge First Asset Management Inc., according to a Business Wire release dated December 1, 2025.
- • The transaction, first announced September 9, 2025, adds four alternative investment funds with combined assets of approximately $900 million to CI GAM.
- • The acquired lineup includes two liquid alternative mutual funds and two limited partnerships that run long-short strategies across North American securities.
- • Terms were not disclosed; Morrison Park Advisors acted as financial advisor to Forge First, with Borden Ladner Gervais LLP and Stikeman Elliott LLP serving as legal advisors.
Summary
CI Global Asset Management (CI GAM) announced that it has completed the acquisition of Forge First Asset Management Inc., a Toronto-based alternative asset manager, according to a Business Wire release. The transaction was first announced on September 9, 2025. CI GAM said the deal adds four alternative investment funds with combined assets of approximately $900 million, a figure the firm reports as part of its broader alternatives business.
The Forge First funds comprise two liquid alternative mutual funds and two limited partnerships. All four invest in North American securities using a long-short approach designed to balance asset protection with capital enhancement. The release states that the Forge First team has achieved consistent risk-adjusted returns in a rapidly changing market environment. The Forge First investment team, led by Keenan Murray, will continue to manage the funds following the acquisition.
Marc-André Lewis, President and Chief Investment Officer of CI GAM, said the acquisition "strengthens CI GAM's position as a leader in alternative investments in Canada." He added that the firm is "deepening our capabilities and adding complementary strategies to our diverse lineup," with the aim of giving advisors and investors an expanded selection of solutions. The Forge First funds extend CI GAM's existing alternatives suite, which includes liquid alternatives and private markets funds.
Terms of the transaction were not disclosed. Morrison Park Advisors served as financial advisor to Forge First, Borden Ladner Gervais LLP as its legal advisor, and Stikeman Elliott LLP as legal advisor to CI GAM. CI GAM is a subsidiary of Toronto-based CI Financial Corp. and reported assets under management as of October 31, 2025.
The Forge First funds comprise two liquid alternative mutual funds and two limited partnerships. All four invest in North American securities using a long-short approach designed to balance asset protection with capital enhancement. The release states that the Forge First team has achieved consistent risk-adjusted returns in a rapidly changing market environment. The Forge First investment team, led by Keenan Murray, will continue to manage the funds following the acquisition.
Marc-André Lewis, President and Chief Investment Officer of CI GAM, said the acquisition "strengthens CI GAM's position as a leader in alternative investments in Canada." He added that the firm is "deepening our capabilities and adding complementary strategies to our diverse lineup," with the aim of giving advisors and investors an expanded selection of solutions. The Forge First funds extend CI GAM's existing alternatives suite, which includes liquid alternatives and private markets funds.
Terms of the transaction were not disclosed. Morrison Park Advisors served as financial advisor to Forge First, Borden Ladner Gervais LLP as its legal advisor, and Stikeman Elliott LLP as legal advisor to CI GAM. CI GAM is a subsidiary of Toronto-based CI Financial Corp. and reported assets under management as of October 31, 2025.
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