On February 2, 2024, Guardian Capital Group Limited announced that it will acquire Sterling Capital Management LLC from Truist Financial Corporation.
Guardian Capital Group Limited (“Guardian”) announced on February 2, 2024, that it will acquire Sterling Capital Management LLC (“Sterling”) from Truist Financial Corporation (“Truist”) (NYSE: TFC). Under the terms of the agreement, Guardian’s wholly owned subsidiary, Guardian Capital LLC will purchase 100 percent of the equity capital of Sterling for a payment of $70 million on closing. The transaction is expected to close in the second quarter of 2024. Further terms of the transaction were not disclosed.
Guardian, based in Toronto, is a financial services and investment company operating through Canadian and international subsidiaries and affiliates that manages pension funds, private client portfolios, and mutual funds. As of June 2023, Guardian had $47.3 billion in assets under management.
Sterling, based in Charlotte, North Carolina, is an institutional investment management company providing investment advisory services through mutual funds, separately managed accounts, model portfolios, and other commingled vehicles offered through a variety of intermediary and managed account platforms. As of March 2023, Sterling had over $62.8 billion in assets under management.
Truist, based in Charlotte, North Carolina, is a bank holding company which engages in the provision of banking services to individuals, businesses, and municipalities. As of December 2023, Truist had $535 billion in assets under management. BofA Securities acted as exclusive financial advisor to Truist on the transaction.
To read the press release: please click here.