Carson, Acuity sell GAAM for Rs. 101.5 m to CT CLSA

Carson Cumberbatch Group and Acuity Partners have sold 100% stake in Guardian Acuity Asset Management Ltd. (GAAM) for Rs. 101.5 million to CT CLSA Holdings Ltd.

The sale price was based on the Net Asset Value and the assets under management of GAAM as of 13 January 2023.

In business for over 10 years, GAAM specialises in a wide range of investment and wealth management services while offering three Unit Trust Funds (Guardian Acuity Money Market Fund; Guardian Acuity Equity Fund and Guardian Acuity Income Fund) licenced by the Securities and Exchange Commission of Sri Lanka. The company also provides discretionary portfolio management services for high-net worth individuals and institutions.

Carson Group subsidiary Ceylon Guardian Investment Trust PLC and Acuity Partners held 50% stake each in GAAM. Acuity is an integrated investment banking entity jointly floated by DFCC and HNB.

In business for nearly three decades, C T CLSA Holdings Ltd., specialises in stockbroking, advisory services and capital market solutions. It is a joint venture between CT Holdings group and Hong Kong headquartered CLSA.

CT CLSA Asset Management is a pioneer unit trust management company in Sri Lanka licensed by the SEC. The company manages Equity and Fixed Income Unit Trusts as well as offering Private Portfolio management solutions for both institutional and high net worth investors with varying investment objectives with an aim to maximise returns.

In a statement when the deal was first announced Joint Executive Directors Krishna Selvanatha and Ray Abeywardena said: “On behalf of CGIT and APL, it has been an exciting journey to bring GAAM to this point and a pleasure providing investment solutions through the funds to many of our much valued Unit holders. We hold the highest regard for CT CLSA group and have the utmost confidence that they will provide a very high quality of investment management solutions.”