The Bank Slate


Truist agrees to sell investment manager unit

Truist Financial in Charlotte, N.C., agreed to sell investment manager Sterling Capital Management to Guardian Capital Group in Toronto.

Guardian said in a press release that it will pay $70 million (plus future payout incentives) for Sterling, which has about $76 billion of assets under management and advisement. The deal is expected to close in the second quarter.

“The acquisition significantly enhances our overall scale as a global asset manager and expands our platform for future growth,” George Mavroudis, Guardian’s president and CEO, said in the release.

“Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the United States,” Mavroudis added..

Guardian plans to operate Sterling as a standalone entity, led by its current management team, including CEO Scott Haenni, and senior professionals.

Cambridge International Parters, Pryor Cashman and Cherry Bekaert advised Guardian. BofA Securities and Davis Polk & Wardwell advised the $535 billion-asset Truist.

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