Northland Bancorp Inc. has acquired a controlling interest of Galileo Global Equity Advisors Inc. from Michael Waring for an undisclosed amount, the firms said Tuesday.

Galileo is the parent corporation of Galileo Funds Inc., the manager of the Galileo Mutual Funds.

Waring will remain a significant shareholder and continue to serve as president and chief investment officer of Toronto-based Galileo and will also remain a member of the firm’s board of directors.

The deal is expected to close in July.

Northland Bancorp is a Calgary-based private equity boutique committed to expanding into the financial services industry.

In a release, Waring said that he was “very excited to welcome Northland Bancorp as a majority shareholder of Galileo.”

Waring added that he and Northland Bancorp share the same desire and strategy of growing Galileo’s mutual fund business and the other components of Galileo’s investment management business.

“The new ownership arrangement with Northland Bancorp will allow Galileo to further strengthen the resources available to its clients,” Waring concluded.


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Galileo proposes fund

News release

http://www.newswire.ca/en/releases/archive/May2009/12/c3027.html

“We are excited to be working with a high quality professional like Michael and look forward to dedicating energy and resources to growing the Galileo investment team” said Brian W. Bapty, PhD., Partner Northland Bancorp.

Galileo, a Toronto based money manager formed in 2000, provides discretionary investment management services to the Galileo Mutual Funds, high net worth clients and other institutional accounts.

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