Guardian Capital Group Ltd. is acquiring U.S.-based asset manager Sterling Capital Management from Truist Financial Corp.

The financial terms of the transaction include a payment of US$70 million on closing to purchase 100 per cent of the equity capital of Sterling, according to a press release, which noted the acquisition is expected to close in the second quarter of 2024. Sterling currently has US$76 billion in assets under management, invested on behalf of a range of clients, including institutional investors.

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“We are very excited to have Sterling join the Guardian group of companies as the acquisition significantly enhances our overall scale as a global asset manager and expands our platform for future growth,” said George Mavroudis, president and chief executive officer of Guardian, in the release. “Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the U.S.”