TFC - Guardian Capital Group Limited to Acquire Sterling Capital Management LLC | Benzinga
TORONTO, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Guardian Capital Group Limited (Guardian) (TSX:GCG) (TSX:GCG) announced today that it has reached an agreement under which Guardian's wholly-owned subsidiary Guardian Capital LLC will acquire Sterling Capital Management LLC (Sterling) from Truist Financial Corporation (Truist) (NYSE:TFC).
Headquartered in Charlotte, North Carolina, Sterling traces its origins as an independent investment manager to 1970. Sterling's rich pedigree has allowed it to expand a successful business that today has approximately US$76 billion (C$100 billion) in assets under management and advisement. Sterling invests on behalf of a broad range of institutional and individual investors through separate accounts, model portfolios, and commingled vehicles, including mutual funds.
The financial terms of the transaction include a payment of US$70 million on closing to purchase 100% of the equity capital of Sterling, subject to customary purchase price adjustments, and future earn-out incentives.
"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. Sterling's pursuit of excellence aligns perfectly with Guardian's commitment to investment quality and innovation. Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the United States," said George Mavroudis, President and Chief Executive Officer of Guardian. "We are extremely grateful that both Sterling and Truist have entrusted Guardian as their partner of choice to build on the rich traditions of both institutions. Our combined organizations share a strong common culture that prioritizes the interest of our clients and strives towards enriching lives together."
Following the anticipated closing of the ...