Earlier this month, when the Money Management Institute added Tokyo-based Nikko Cordial Advisors as its first international member, the organization said it hoped the foreign companies would keep joining. Less than a month later, Torontos First Asset Advisory Services assured that the MMIs hopes were realized.
A subsidiary of First Asset Management Inc., a seven-year-old company with $23 billion under management, First Asset Advisory was founded in 2003 and already possesses almost $400 million in separately managed account (SMA) assets under management and expects to be at $1 billion by next year.
Chairman Peter Muratore of MMI said, "The universal appeal of professional money managers having a stake in an investors success continues to drive the expansion of the separately managed account industry. We are delighted to expand our relationship into Canada and look forward to increased growth in the industry both domestically and internationally.