Galileo Global Equity Advisors has announced it has reached an agreement with Northland Bancorp Inc. to re-acquire majority ownership of Galileo Equity Advisors Inc.
“I’m delighted to be resuming full ownership of the Galileo organization and I’d like to sincerely thank Northland for their strategic support over the past two years, and most especially our clients and their advisors for their trust and patronage,” said Michael Waring, president, CEO and chief investment officer of Galileo Global Equity Advisors.
“Galileo’s strength has always been its ability to do independent research and analysis so we can build effective portfolios, one investment at a time. This disciplined approach will continue as we grow and prosper in the future.”
The organization includes the Galileo mutual funds, which are sold across Canada by independent financial advisors, as well as investment advisory and portfolio management services for institutional clients including pension funds, high net worth individuals, corporations and trusts.
The purchase, subject to regulatory approval, is expected to close on or about September 14, 2011. Terms of the transaction have not been disclosed.
Waring said that it will be “business as usual for company during this brief transition period, which means capitalizing on the many opportunities we have to create value for our clients.”