Deals
Som Seif’s Purpose to Hire Morgan Stanley for Stake Sale
- ETF firm wants global investor to expand into other markets
- Canadian ETF pioneer Seif sold Claymore to BlackRock in 2012
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Canada’s Purpose Investments Inc. is working with Morgan Stanley to sell a minority stake in the company, according to a person with knowledge of the matter.
The Toronto-based ETF provider is looking to sell a 25% stake or less to a global player to help it expand into other markets, said the person, who asked not to be identified because the details are private. Ontario Municipal Employees Retirement System, one of Canada’s largest pension funds, is a minority shareholder in the company.