Truist Financial and Guardian Capital Group have reached an agreement under which Guardian’s wholly-owned subsidiary Guardian Capital will acquire Sterling Capital Management from Truist Financial. Headquartered in Charlotte, North Carolina, Sterling traces its origins as an independent investment manager to 1970. Sterling has approximately $76B in assets under management and advisement. 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, Guardian plans to operate Sterling as a standalone entity, led by the current team of management and senior professionals.
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