As Forstrong and SEAMARK amalgamate, CIO Tyler Mordy looks for more growth, innovation and national expansion.
Forstrong Global Asset Management and SEAMARK Asset Management have joined forces as part of the EXOS Wealth Systems platform. The transaction combines Forstrong’s B.C. headquartered global asset management business with SEAMARK, a Halifax-based asset manager with expertise serving institutional and high net worth clients. Tyler Mordy, Forstrong’s CEO and CIO will take the role of Chief Investment Officer for the combined firm while Forstrong President James Garcelon will serve as CEO.
Mordy says the combination reflects both the changing economics of the investment management industry and a shared ambition to build a stronger national investment platform. By leveraging EXOS' technology and operational infrastructure, he says the firms will be better positioned to serve clients, expand distribution and pursue new growth opportunities. Both firms will retain their respective investment philosophies and established client relationships.
“The investment management industry has changed dramatically over the past 25 years. Technology, compliance and distribution all require greater resources, and scale has become increasingly important,” Mordy says. “But what excites me most about this combination is the opportunity it creates. We can leverage a much stronger platform while allowing our investment teams to focus on what they do best.”
What’s changing for Forstrong, SEAMARK
Mordy emphasizes that the combination is designed to build on the strengths of both organizations, rather than change their underlying investment approaches. Forstrong's top-down, global macro-driven asset allocation process will continue alongside SEAMARK's bottom-up security selection expertise. Both investment teams will remain intact, maintaining their established investment processes and client relationships. The broader platform will allow the firms to collaborate where appropriate while maintaining their distinct approaches.
Mordy points to EXOS' investment in technology, operational infrastructure and compliance as important advantages of the combination. These capabilities will allow the investment teams to dedicate more resources to research, portfolio management and client service, while creating a more scalable foundation for future growth. He also sees significant opportunities to leverage the complementary investment expertise and distribution relationships of Forstrong and SEAMARK across Canada.
The combination also creates opportunities to develop the next generation of investment leadership. Mordy points to the stability and continuity of Forstrong's investment team over the past two decades as one of the firm's defining strengths. As the organization grows, he wants to attract new talent, develop future leaders and build an investment platform that will last for decades.
How Mordy is targeting growth now
Mordy sees significant opportunities to build on the strengths and relationships of both firms. SEAMARK has established relationships with institutional and high-net-worth clients, particularly in Atlantic Canada, while Forstrong has built a national presence serving financial advisors, private clients and institutions. He says that combination creates opportunities to introduce a broader range of investment capabilities across these client channels. SEAMARK's bottom-up equity and fixed-income expertise complements Forstrong's global macro approach to asset allocation, creating a more comprehensive investment offering for clients across Canada, which Mordy expects will drive growth for the combined firm.
Beyond organic growth, Mordy wants to attract talented investment professionals and explore selective partnerships and acquisitions. He believes the investment management industry is entering a period of consolidation, as independent firms look for ways to access greater resources without sacrificing their investment independence or entrepreneurial cultures. The combined platform, he says, offers an attractive proposition for investment teams looking to grow within a larger organization while maintaining their distinct investment approaches.
“There are some incredibly talented investment professionals running independent firms across Canada. But increasingly, they're spending more time managing the complexities of running a business than focusing on investments and clients,” Mordy says. “We think there's a real opportunity to offer those teams the best of both worlds, the resources and infrastructure of a larger organization, while preserving the independence and entrepreneurial spirit that made them successful in the first place.”
