GLASfunds Acquires Funds Platform for RIAs

GLASfunds, a turnkey alternative investment platform (TAMP) and alternative asset management firm backed by CI Financial, has purchased Fund Formation Group (FFG), a Texas-based firm launching and operating fund structures for RIAs and wealth advisors.

Financial terms of the deal were not disclosed.

The transaction, which is expected to close in October, will allow GLASfunds to service FFG’s clients with its suite of private market investing and technology resources.

“We saw a real opportunity to amplify the great work Fund Formation Group was already doing for this particular group of RIAs, who were looking to access alternatives in a highly customized way,” said Michael Maroon Jr., managing director at GLASfunds.

Upon closing of the deal, Tom Haynes, CEO of FFG, will join GLASfunds as Director of Business Development.

Cleveland-based GLASfunds, which was founded in 2009 and manages nearly $1.6 billion in assets, provides an open-architecture investment platform offering access to hedge funds, private equity, private real estate and private infrastructure funds accessible through a single management fee.

CI Financial bought a stake in the firm in November 2021 when it had roughly $1.1 billion in assets and retains an option to buy the firm outright at a later date.