Guardian Capital Group Limited, listed as GCG.TO and GCG.A.TO, has officially declared its intent to acquire Sterling Capital Management LLC from Truist Financial Corp. (TFC). The subsidiary of Guardian, Guardian Capital LLC, will carry out the transaction for a total of $70 million. This price is subject to customary adjustments, as well as future incentive-based advantages.
The completion of this transaction is set for the second quarter pending the usual consents and approvals. Guardian plans to let Sterling operate as an independent entity under the leadership of its current management and senior professionals. This strategy ensures ongoing consistency, stability, and continued top-notch service for Sterling's clients.
Located in Charlotte, North Carolina, Sterling offers investment advisory services and had about $76 billion in assets managed and advised as of December 31, 2023. Sterling services a wide range of institutional and individual investors through separate accounts, model portfolios, and pooled investment structures, inclusive of mutual funds.
Throughout the transaction, Cambridge International Partners LLC functioned as the financial advisor to Guardian. Similarly, Bofa Securities served as the exclusive financial advisor to Truist.
