Toronto-based Guardian Capital Group has inked a deal to acquire a majority stake in Virginia-based investment management company Agincourt Capital Management.
Guardian will own a 70% interest in Agincourt, while Agincourt’s existing owners will own the rest.
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Agincourt handles high-grade bond portfolios in core US fixed income investment mandates as well as portfolio investments across the maturity spectrum.
As of June 2020, Agincourt had $7bn in assets under management (AUM), which will add to Guardian’s books.
Post-acquisition, Agincourt will continue to offer investment services to investors in the US.
Additionally, its owners have agreed to reinvest the proceeds from the deal into Guardian shares.
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By GlobalDataAgincourt managing director Patrick O’Hara said: “Agincourt will remain a leading US investment management firm, now benefiting from the support of Guardian’s significant financial and operational resources.
“The partnership with Guardian ensures that Agincourt Capital’s principals will remain employee-owners of the firm.”
Guardian anticipates the deal to further diversify its AUM by geography and investment solutions.
Guardian president and CEO George Mavroudis said: “The purpose and execution of this transaction has very strong parallels with Guardian’s acquisition of a majority interest in Salt Lake City-based Alta Capital Management early in 2018.
“The success of that partnership, and the same alignment we see in joining with Agincourt, gives us confidence in advancing our US strategy.”
Subject to the receipt of regulatory approvals, the deal is expected to close in the fourth quarter of this year.
