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Published on July 2, 2024 • Read for 2 minutes
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TORONTO, July 2, 2024 (GLOBE NEWSWIRE) — Guardian Capital Group Limited (Guardian) (TSX: GCG) (TSX: GCG.A) today announced that its wholly owned subsidiary, Guardian Capital LLC, has completed its acquisition of Sterling Capital Management LLC (Sterling), an investment management firm headquartered in Charlotte, North Carolina, USA.
The addition of Sterling increases Guardian’s assets under management and assets under administration by approximately US$77 billion (C$106 billion), enhances its overall scale as a global asset manager, and broadens its platform for future growth.
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“We believe the strategic addition of Sterling presents an exciting opportunity to expand our business growth plans in the United States,” said George Mavroudis, President and CEO of Guardian Capital Group Limited. “The cultural fit coupled with the high-quality business will accelerate Guardian’s expansion into the U.S. market. We are optimistic about the growth potential of the combined organization.”
Sterling’s investment teams will continue to operate with the same processes and independence as at the pre-closing stage and are led by the current executive management team.
“Our new partnership with Guardian will create more opportunities for us to expand our client base and assets, enhance our capabilities, and expand our product offerings, all to the benefit of our clients and our teammates at both Sterling and Guardian,” said Scott Haynie, CEO of Sterling Capital.
Cambridge International Partners LLC served as financial advisor to Guardian, Pryor Cashman LLP provided legal advice to Guardian, and Cherry Bekaert LLP provided tax advice to Guardian.
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Acquisition details formed part of February 2Second abbreviation press release.
For more information, please contact:
Donald Yee
(416) 350-3136
About Guardian Capital Group Limited
Guardian Capital Group Limited (“Guardian”) is a global investment management firm serving institutional, retail and individual clients through its subsidiaries. As of March 31, 2024, Guardian had total client assets of C$61.3 billion while managing a proprietary investment portfolio with a fair market value of C$1.25 billion. Founded in 1962, Guardian’s reputation for steady growth, long-term relationships and core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades. Its common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.
About Sterling Capital Management
Sterling Capital Management LLC was founded in 1970 and is headquartered in Charlotte, North Carolina. Sterling provides investment advisory services through mutual funds, separately managed accounts, model portfolios, and other hybrid vehicles offered through a variety of brokerage and managed account platforms. Sterling’s six distinct investment teams provide a full range of focused, active equity, and multi-asset fixed income solutions. Learn more at www.sterlingcapital.com.
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