National Bank of Canada has concluded its acquisition of the mutual fund manager and distributor Altamira Investment Services Inc.

The final price tag on the deal was $467.3 million, including repayment of $201.6 million in debt. A portion of the payment was made in the form of shares, namely, 271,000 shares or the equivalent of $8.25 million. The transaction has been approved by all the relevant regulatory authorities.

“This acquisition will significantly expand the bank’s presence outside Quebec in the area of wealth management, double its mutual funds under management, broaden its offering of products and services, and increase profitability,” said Real Raymond, president and CEO of National Bank, in a statement.

Altamira manages approximately $5.6 billion in assets, including $4.5 billion in mutual funds for individual investors. The company employs 290 people, including 115 advisors, at its eight branch offices and three call centres in Canada. Altamira, which has some 240,000 customers, distributes and manages 47 of its own mutual funds, making it the second largest independent direct supplier of no-load mutual funds in the country.