Guardian Capital Group has completed the acquisition of a 70% stake in Alta, an investment management firm based in Utah.

Alta, which was set up in 1981, provides US equity and balanced investment mandates to institutional investors and high net worth private clients.

The deal, first announced in November 2017, boosts Guardian’s assets by more than $3bn.

While announcing the deal, Guardian said that it will pay $45m on deal closing, and additional contingent amount of up to $10m over four years from completion of the deal.

Commenting on the acquisition, Guardian president and CEO George Mavroudis said: “This transaction is another step in the execution of Guardian’s strategic plan to strengthen and enhance Guardian’s presence and distribution network in the United States, further diversifying the firm’s assets under management by geography and investment solutions.

“Guardian’s balance sheet remains strong and leaves the company with significant capacity to finance additional initiatives.”

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