Financial services company to add nearly US$7 billion to AUM via majority stake in investment management firm
Guardian Capital Group is widening its footprint in the U.S. through a newly announced agreement.
Under the agreement, Guardian will acquire a 70% ownership interest in Agincourt Capital Management, a Richmond, Virginia-based investment management firm, with the current owners retaining the remaining 30% stake.
The transaction, which is expected to close in Q4 2020 subject to regulatory approvals and other requirements and customary closing conditions, will add an anticipated total of nearly US$7 billion to Guardian’s AUM.
“We're very pleased to partner with the Agincourt principals and to continue to grow our presence in the United States,” said Guardian President and CEO George Mavroudis. “It’s clear that our firms share many of the same cultural values and that adding a firm of this quality to Guardian’s group of companies supports our strategic intent.”
With an industry record spanning more than 20 years, Agincourt has cultivated a proven reputation for managing high-grade bond portfolios that include core U.S. fixed-income investments as well as portfolios that invest across the maturity spectrum.
Upon completion of the transaction, Agincourt will continue providing investment services to U.S. clients. The firm’s owners said they would re-invest part of the proceeds of sale into Guardian shares, as well as retain a significant long-term ownership interest in Agincourt.
“Agincourt will remain a leading US investment management firm, now benefiting from the support of Guardian’s significant financial and operational resources,” said Agincourt Managing Director Patrick O’Hara. “The partnership with Guardian ensures that Agincourt Capital’s principals will remain employee-owners of the firm. We see an increasingly bright future in which our partners and staff will thrive, enabling us to better serve and share in continued successes with our clients.”
