Tactico, the Canadian financial services advisory firm, has acquired Montreal-based money-management firm Westmount Markets to help it shake up the portfolio management business in Canada by offering low-cost clearing and other back-office functions that help clients operate more efficiently.

Tactico, also based in Montreal, acquired Westmount at the end of March as a quick way to get the necessary licensing to establish Tactex Asset Management, which offers brokers and manufacturers of exchange-traded funds more efficient and less costly back-office, trading and portfolio-management services, Liam Cheung, a managing director at Tactico, said Wednesday.