United Asset Management Corp., Boston, has agreed to acquire a 49% interest in Lincluden Management Ltd., an Ontario, Canada-based institutional investment management firm.

Terms were not disclosed for the transaction, which is expected to close in the third quarter.

Founded in 1982, Lincluden manages about $4.5 billion of equity, fixed-income, and balanced accounts. In addition to managing separate accounts for its own institutional clients, Lincluden and another leading Canadian investment management firm jointly provide investment management services for Integra Capital Management Corp., one of the largest defined-contribution and defined-benefit plan service providers in Canada.

"Lincluden is one of Canada's leading investment management firms," Norton H. Reamer, United Asset Management's president and chief executive officer, said in a statement. "The long-term performance of its equity, fixed-income, and balanced portfolios has been well above average, and its assets under management have increased at a compound rate of nearly 30% since 1994."

United Asset allows its affiliated firms to maintain their investment and operating autonomy.

Lincluden president and director Ian Jamieson and four vice presidents and directors will continue to run the firm. All have investment management responsibilities and an average of 30 years' experience in the investment business.

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