Seattle, 31 December 2009
Macquarie Group ("Macquarie") (ASX: MQG; ADR: MQBKY) today announced that it had completed its acquisition of Blackmont Capital ("Blackmont") from CI Financial.
Effective January 1, 2010, the Blackmont business and its employees will be integrated into Macquarie's global retail advice and distribution activities.
The business, which will be rebranded "Macquarie Private Wealth" from February 1, 2010, will offer clients tailored, independent and differentiated financial advice across its 13 offices in Canada. The acquisition enhances Macquarie's global retail financial services business, with extensive operations throughout Asia, United Kingdom and Australasia.
As indicated at the time the acquisition was announced, the business will continue to be run by CEO Bruce Kagan and Macquarie Executive Director and former Head of Macquarie Full Service Broking, Earl Evans, has been appointed President of the business.
Peter Maher, Global Head of Macquarie Banking and Financial Services Group said: "Having the Blackmont team become Macquarie Private Wealth in Canada represents a key acquisition for our global financial services business. It provides Macquarie with an established and growing Canadian wealth management business and adds additional retail distribution to Macquarie's existing capital markets and product offerings in Canada.
"The Blackmont business has benefitted enormously under its CEO, Bruce Kagan, especially through recent difficult market conditions. I'm pleased that Mr. Kagan will continue to lead the business under Macquarie ownership. Together with his strong management and advisor team, the business is well-positioned to provide enhanced services to both new clients and advisors.
Mr. Kagan said: "Blackmont and Macquarie share a common focus on client service, innovation and risk management. Joining Macquarie is a tremendous outcome for Blackmont, an opportunity for our common goals to be realized and an external affirmation of our team, business and depth of client relationships. We look forward to beginning the next chapter of our success, which will be written as part of Macquarie Private Wealth."
Blackmont previously operated a 60 person capital markets division which was not part of the transaction and will operate on a standalone basis as CI Capital Markets.