Starlight Investments Capital has agreed to acquire Canadian wealth management company Stone Investment Group for an undisclosed amount.

Through its Stone Asset Management (SAM) subsidiary, the acquired firm offers investment management services for Canadian investors.

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The deal is expected to boost Starlight Investments Capital’s assets under management (AUM) to more than $1bn.

The deal has secured unanimous approval of Stone Board of Directors and support from shareholders holding over 65% of outstanding stone common shares.

Starlight Capital CEO and chief investment officer Dennis Mitchell said: “We are excited to welcome Stone, its clients and investment professionals to our growing asset management platform at Starlight Capital.

“Stone has a long history of generating strong risk-adjusted returns for its clients, and we look forward to continuing that success with a shared vision of developing a leading independent investment manager, focused on helping Canadian investors realise their financial goals.”

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After the completion of the deal, Stone will become a wholly-owned subsidiary of Starlight Capital.

The deal will also result in the indirect change of control of Stone Asset Management.

Stone president and CEO Richard Stone commented: “Stone and Starlight products are very complementary, and combining these two businesses will generate significant scale economies that will benefit both investors and advisors.

“Starlight Capital has the people, infrastructure and balance sheet resources necessary to ensure that investors in the Stone funds will continue to enjoy best-in-class stewardship over their capital, and we are excited to join the Starlight Capital team.”

Starlight Capital is a wholly owned subsidiary of Starlight Investments, a privately held real estate investment and asset management company. It offers mutual funds, exchange-traded funds, and structured products.

The company manages over $25bn of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed-end funds and investment funds. It employs over 300 professionals.