On June 30, 2014, U.S. Global Investors, Inc. (Nasdaq: GROW) announced that it had completed its purchase of an additional 15 percent interest in Galileo Global Equity Advisors, Inc., bringing its total ownership of Galileo to approximately 65 percent.
On June 30, 2014, U.S. Global Investors, Inc. (Nasdaq: GROW) announced that it had completed its purchase of an additional 15 percent interest in Toronto, Canada-based Galileo Global Equity Advisors, Inc. This investment brought U.S. Global Investors’ total ownership stake, held through its wholly-owned subsidiary, U.S. Global Investors (Canada) Ltd., to approximately 65 percent of the issued and outstanding shares of Galileo. U.S. Global Investors is a boutique registered investment adviser based in San Antonio, Texas, with its primary focus on emerging markets and natural resources. Galileo, with approximately 268 million Canadian dollars in assets under management, provides investment advisory and portfolio management services to institutional clients including pension funds, corporations, trusts, and high net worth individuals. It also administers the Galileo Mutual Funds, which are offered throughout Canada. Michael Waring, Galileo’s current President, CEO, and Chief Investment Officer, will continue to manage the business and investment activities of Galileo, and will hold 35 percent of its outstanding shares. The financial terms of the transaction were not disclosed.
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