Guardian Capital Group Ltd. is buying Galibier Capital Management Ltd., an independent Toronto-based investment management firm. The acquisition is expected to add more than $1 billion to Guardian’s assets under management.
Galibier was founded in 2012 to invest for institutions and individuals through separately managed accounts and pooled funds. The transaction is expected to close in summer 2024, after which Galibier will continue to be led by its current management and investment team.
As of March 31, Guardian had $61.3 billion in client assets.
“[Galibier’s] distinctive investment approach, philosophy and process will be a welcome addition to Guardian’s existing portfolio management expertise,” George Mavroudis, Guardian’s president and CEO, said in a release.
The transaction price was not disclosed.
In February, Guardian bought U.S. investment manager Sterling Capital Management LLC in a $70-million deal. Last year, Guardian closed a $750-million sale of its Worldsource businesses to Lévis, Que.-based Desjardins Group, a key step in focusing the Guardian business on asset management.
Founded in 1962, Guardian has been primarily focused on institutional clients such as pension funds, and has recently made a push into the private wealth space.