CI GAM Acquires Forge First Asset Management, Adding Approximately $900 Million in Assets
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 01 2025
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Should l Buy CIX?
Source: Businesswire
- Acquisition Completed: CI Global Asset Management has finalized its acquisition of Forge First Asset Management, enhancing its leadership in Canada's alternative investment sector by adding four alternative investment funds with a total of approximately $900 million in assets.
- Portfolio Expansion: The acquisition includes two liquid alternative mutual funds and two limited partnerships that employ a long-short investment strategy aimed at balancing asset protection with capital enhancement, thereby enriching CI GAM's suite of investment solutions.
- Team Continuity: The Forge First investment team, which has consistently achieved risk-adjusted returns in a rapidly changing market, will continue to be led by Keenan Murray post-acquisition, ensuring continuity and stability in investment strategies.
- Enhanced Market Competitiveness: This acquisition not only deepens CI GAM's capabilities but also provides advisors and investors with a broader selection of high-quality investment options, further solidifying its competitive edge in the alternative investment market.
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About CIX
CompX International Inc. is a manufacturer of security products used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage, healthcare and a variety of other industries. The Company is also a manufacturer of wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls and trim tabs for the recreational marine industry. The Company operates through two segments: Security Products and Marine Components. The Security Products segment manufactures mechanical and electrical cabinet locks and other locking mechanisms used in a variety of applications, including mailboxes, ignition systems, file cabinets, desk drawers, tool storage cabinets, secured narcotics boxes and others. The Marine Components segment manufactures and distributes wake enhancement systems, stainless steel exhaust components, gauges, trim tabs and related hardware and accessories primarily for ski/wakeboard boats (towboats) and performance boats.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Portfolio Expansion: The acquisition includes two liquid alternative mutual funds and two limited partnerships that employ a long-short investment strategy aimed at balancing asset protection with capital enhancement, thereby enriching CI GAM's suite of investment solutions.
- Team Continuity: The Forge First investment team, which has consistently achieved risk-adjusted returns in a rapidly changing market, will continue to be led by Keenan Murray post-acquisition, ensuring continuity and stability in investment strategies.
- Enhanced Market Competitiveness: This acquisition not only deepens CI GAM's capabilities but also provides advisors and investors with a broader selection of high-quality investment options, further solidifying its competitive edge in the alternative investment market.
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- Clear Use of Proceeds: The company intends to use approximately €1.085 billion of the net proceeds to repay its $950 million unsecured revolving credit facility, ensuring robust management of debt maturing in 2028.
- Preferred Equity Buyback Plan: CI will also utilize a portion of the proceeds to repurchase or redeem approximately $960 million of Corient Holdings Inc. preferred equity, further optimizing its capital structure and enhancing shareholder value.
- Strategic Market Positioning: The notes will not be registered in the U.S. or Canada, indicating CI Financial's strategic focus on international markets to attract qualified institutional buyers, thereby strengthening its global financing capabilities.
See More
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- Distribution Details: As of October 27, 2025, the estimated capital gains distribution for the CI Galaxy Blockchain Index ETF is $11.4878 per unit, indicating strong performance in the digital asset sector.
- Tax Implications: The reinvested distributions will not be paid in cash but will be consolidated into units, requiring investors to report taxable amounts, which will affect their adjusted cost base.
- Future Outlook: CI GAM plans to announce the final confirmed reinvested distribution amounts on December 30, 2025, demonstrating the company's ongoing commitment to investor engagement in a dynamic market environment.
See More
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- Corporate Culture: CEO Kurt MacAlpine emphasizes that the company's success stems from its high-performance culture, where employee dedication and talent are pivotal in driving the firm's strategy and growth.
- Employee Development: CI offers a comprehensive total rewards program focused on individual growth and well-being, promoting career development through various initiatives aimed at increasing employee satisfaction and retention.
- Community Engagement: CI actively partners with employees to support charitable organizations through education, donations, sponsorships, and volunteerism, further enhancing its image in social responsibility and community impact.
See More
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- Portfolio Expansion: The acquisition includes two liquid alternative mutual funds and two limited partnerships that employ a long-short investment strategy aimed at balancing asset protection with capital enhancement, thereby enriching CI GAM's suite of investment solutions.
- Team Continuity: The Forge First investment team, which has consistently achieved risk-adjusted returns in a rapidly changing market, will continue to be led by Keenan Murray post-acquisition, ensuring continuity and stability in investment strategies.
- Enhanced Market Competitiveness: This acquisition not only deepens CI GAM's capabilities but also provides advisors and investors with a broader selection of high-quality investment options, further solidifying its competitive edge in the alternative investment market.
See More
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Segment Growth: The Security Products segment saw a 14% revenue increase driven by government orders, while the Marine Components segment experienced a significant 36% rise, highlighting strong demand in industrial and government markets.
Cost Pressures: The company faces ongoing challenges from cost inflation and tariffs, particularly affecting margins, although management is focused on disciplined cost control and maintaining stable production and supply chains.
Future Outlook: CompX anticipates continued demand strength in both segments for the remainder of 2025, with expectations of growth in Marine Components sales and margins, while Security Products may see tempered growth due to market softness.
See More
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Investment Strategy: Successful investing often requires looking beyond popular trends and focusing on three key traits: attractive yield, dividend growth, and low institutional ownership, which together can lead to long-term outperformance.
Examples of Opportunities: Companies like CompX International, MPLX LP, PCB Bancorp, and Bassett Furniture Industries exemplify this strategy, offering high yields, strong dividend growth, and low institutional interest, making them attractive investments for those willing to seek out overlooked opportunities.
See More
