Macquarie Group Ltd
(ASX:MQG) says it has entered into an agreement to acquire Blackmont Capital from CI Financial for $93.3 million Canadian dollars.
The company says the acquisition provides Macquarie with an established and growing Canadian wealth management business and will add additional retail distribution to its existing capital markets and product offerings in Canada.
With its headquarters in Toronto and retail branches in 13 locations, Blackmont is one of the largest independent, full service investment dealers in Canada.
Blackmont will become part of Macquarie’s Banking and Financial Services Group and will be rebranded Macquarie Private Wealth.
Macquarie says the business will continue to be run by Blackmont CEO, Bruce Kagan while Macquarie Executive Director and Former Head of Macquarie Full Service Broking, Earl Evans, will relocate to Canada and become president of the business.
Macquarie Group’s profits more than halved in 2009 from a high of close to $2 billion in 2008.
