Guardian Capital Group has agreed to acquire a 70% stake in Alta, an investment management firm based in Utah.

The deal to will add over $3bn in assets to Guardian’s portfolio. Guardian will pay $45m on completion of the deal and additional contingent amounts of up to $10m over four years from deal completion.

The deal is anticipated to be wrapped up in early 2018, subject to regulatory nod.

Alta owners will invest a significant portion of the sale proceeds in Alta-managed investment strategies and will continue to hold a significant long-term ownership interest in Alta.

Guardian president and CEO George Mavroudis said: “Serving a common client profile of retail wrap intermediaries, institutional and private wealth clients, the combined organisation will enjoy greater scale, which is critical to being competitive in today’s investment industry.”

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