Tactico Inc., has announced the acquisition of Canadian portfolio management firm, Westmount Markets Inc. The firm will be remodeled as Tactex Asset Management to provide portfolio management services to retail and institutional investors in Canada.
Liam Cheung (pictured), managing director, Tactico will assume the role of Tactex CEO and Brendan Magill, vice president, will join as COO.
The aim of Tactex is to revolutionise the cost model for portfolio management, driving down fees for customers by establishing an extremely efficient infrastructure. The firm will provide a platform for innovative types of asset management models that will decrease costs, increase transparency and provide innovative options for the trading, custody and branding of investment solutions.
Cheung says: "Tactico has had years of experience in the securities business in Canada. With Tactex, we have a real opportunity to drive down costs of managing funds, which up until this point, have been unnecessarily high. Drawing on the successful example of our work with Penson Financial, Omega ATS and Fidelity Clearing Canada, we have come up with a way to revolutionize the portfolio management business for the retail and institutional investor in Canada."
Tactex’s initial focus will be on providing solutions to the brokerage industry and exchange traded funds (ETF). Tactico completed the acquisition on March 31, 2011.