Guardian Capital Group Ltd. is acquiring a 70 per cent interest in U.S.-based investment management firm Agincourt Capital Management.

The acquisition, which is expected to add almost US$7 billion to Guardian’s assets under management, aims to further diversify the firm’s assets under management by geography and investment solutions.

“We’re very pleased to partner with the Agincourt principals and to continue to grow our presence in the United States,” said George Mavroudis, president and chief executive officer at Guardian. “They have an excellent pedigree, time tested and proven over the more than 20 years they have been in business. It’s clear that our firms share many of the same cultural values and that adding a firm of this quality to Guardian’s group of companies supports our strategic intent.

Read: Willis Towers Watson to acquire Canadian investment manager

“The purpose and execution of this transaction has very strong parallels with Guardian’s acquisition of a majority interest in Salt Lake City, UT-based Alta Capital Management early in 2018. The success of that partnership and the same alignment we see in joining with Agincourt gives us confidence in advancing our U.S. strategy.”

Patrick O’Hara, managing director of Agincourt, said the firm is excited to join the Guardian group of companies, noting the firms’ respective cultures, goals and investment philosophies are aligned. “Agincourt will remain a leading U.S. investment management firm, now benefiting from the support of Guardian’s significant financial and operational resources.”

The transaction is expected to close in the fourth quarter of 2020, subject to certain regulatory and other approvals and customary closing conditions.

Read: North American investors closer to falling in line with global counterparts on ESG: survey

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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