Canadian wealth manager CI Financial has said that it plans to acquire a majority interest in Marret Asset Management, an alternative asset manager specializing in global and Canadian fixed income.

CI will purchase 65 per cent of Marret, along with an option to acquire the remainder after three years, the firm said.

Toronto-based Marret is led by Barry Allan, who has more than 30 years of investment experience, as well as managing portfolios across the income spectrum, CI said in a statement.

Allan, who founded Marret in 2001, is backed by a team of 11 portfolio managers and research analysts. The firm focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients.

CI Financial Corp had approximately $108.8 billion in assets, as at the end of August.