First Asset Capital Corp. will acquire the mutual fund business of Criterion Investments from VenGrowth Asset Management.

Criterion launched Canada’s first global water infrastructure fund in 2007. It also launched Canada’s first global clean energy fund and first family of currency-hedged funds.

First Asset will also retain a number of key employees, including Ian McPherson, president of Criterion.

First Asset is a Canadian wealth management company that offers investment products including exchange listed investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

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