Terms of the transaction include a payment of $70 million on closing to purchase 100% of the equity capital of Sterling, subject to customary purchase price adjustments, and future earnout incentives.
Based in Charlotte, N.C., Sterling invests on behalf of a broad range of institutional and individual investors through separate accounts, model portfolios and commingled vehicles, including mutual funds, said a Feb. 2 release.
Sterling has about $76 billion in assets under management and advisement.
George Mavroudis, president and CEO of Guardian Capital, stated in the release that the acquisition "significantly enhances our overall scale as a global asset manager and expands our platform for future growth."
Mavroudis added: "Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the U.S."
The transaction is expected to close in the second quarter of 2024. Guardian plans to operate Sterling as a standalone entity, led by the current team of management and senior staff.
Guardian Capital Group, a global investment management firm, had $42 billion in client assets as of Sept. 30.
Truist Financial, a U.S. commercial bank, had total assets of $535 billion as of Dec. 31.