Jovian Capital Corp. has reached an agreement to acquire control of Leon Frazer & Associates Inc., one of the country’s oldest investment counselors.

Jovian said Friday its wholly owned subsidiary, Jovian Asset Management Inc., is paying about $2.3 million to acquire 77% of the investment counsellor’s stock from two companies. It plans to acquire all of the shares of Leon Frazer owned by AMIC Canada Ltd. (28%) and Asset Management Investment Co. (49%). Jovian said the final amount to be paid will be pursuant to an agreed formula based upon the earnings of Leon Frazer as of March 31.

Said Jovian Asset Management Inc. President & CEO says,

“This transaction is an important step in the evolution of Jovian,” JAMI president and CEO Mark Arthur said in a release. “With this acquisition, we will strengthen our asset management platform, and become a significant force in the personal wealth management business. Leon Frazer has established a record over the last 65 years of delivering solid and consistent returns for its clients. We are really excited to be associated with such a fine name in the asset management business.”

Established in 1939, Frazer has about $735 million worth of assets under management. It primarily focuses on managing equity investment portfolios for individuals, trusts and foundations.

Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group has over 75 locations and more than $5.8 billion worth of client assets.

The deal is expected to close July 15.