US Global to invest in Galileo Global Equity Advisors
US Global Investors, a boutique registered investment adviser specialising in natural resources and emerging markets, is to purchase 50 per cent of the issued and outstanding shares of Toronto-based Galileo Global Equity Advisors.
Currently, all of the outstanding shares of Galileo are owned by Michael Waring. Upon completion of the transaction, Waring and US Global will each own 50 per cent of the outstanding shares of Galileo.
Waring will continue to serve as the president, chief executive officer and chief investment officer of Galileo and will continue to have overall responsibility for the investment management activities of Galileo, including its management of the Galileo Mutual Funds.
“In this unique environment for investment firms worldwide, I’m excited about the strategic partnership between Galileo and US Global as it strengthens Galileo’s balance sheet and provides for the sharing of intellectual capital to broaden our research capabilities,” says l Waring.
Frank Holmes (pictured), chief executive and chief investment officer of US Global, says: “Galileo is a strategic partnership for US Global. Our models for marketing and investment management will reinforce Galileo’s proven track record in fund management.”
The transaction is subject to the approval of securities regulatory authorities and to the satisfaction of other closing conditions. It is anticipated that the transaction will close on or before 31 March 2013.
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