Guardian Capital to acquire Sterling Capital Management from Truist Financial

Guardian Capital Group (GCAAF) has reached an agreement under which Guardian’s wholly-owned subsidiary Guardian Capital will acquire Sterling Capital Management from Truist Financial Corporation (TFC). Headquartered in Charlotte, North Carolina, Sterling traces its origins as an independent investment manager to 1970. Sterling’s rich pedigree has allowed it to expand a successful business that today has approximately $76B in assets under management and advisement. Sterling invests on behalf of a broad range of institutional and individual investors through separate accounts, model portfolios, and commingled vehicles, including mutual funds. The financial terms of the transaction include a payment of $70M on closing to purchase 100% of the equity capital of Sterling, subject to customary purchase price adjustments, and future earn-out incentives. Following the anticipated closing of the transaction in Q2, 2024, Guardian plans to operate Sterling as a standalone entity, led by the current team of management and senior professionals, providing continuity, stability and continued excellence for Sterling clients.