Tactico said the firm will be remodeled as Tactex Asset Management and will offer portfolio management services to retail and institutional investors in Canada.
Liam Cheung, managing director, Tactico will assume the role of Tactex CEO and Brendan Magill, vice president, will join as COO.
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With this acquisition, Tactico intends to revolutionize the cost model for portfolio management, driving down fees for customers by establishing an extremely efficient infrastructure.
According to Tactico, Tactex 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 said Tactico has had years of experience in the securities business in Canada. With Tactex, they 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," Cheung added.
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