GrowthWorks Capital Ltd., Canada's largest retail venture capital player, and Seamark Asset Management Ltd. have agreed to a merger that will create a $3-billion asset manager. Under the proposed deal that will take place through a share swap, a new publicly listed company will be formed under the name of Matrix Asset Management Inc. Vancouver-based GrowthWorks and Halifax-based Seamark will then become subsidiaries under Matrix. "What we are bringing together is GrowthWorks' strength in the venture capital and the specialty mutual fund area, and Seamark's strength in institutional fund management," said David Levi, chief executive officer of privately owned GrowthWorks. The transaction, which requires shareholder and regulatory approval, is expected to close in mid-January. SM (TSX) fell 6 cents to $1.29.
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