Macquarie Group of Australia to Acquire Blackmont Capital for C$93.3 Million

Australia’s Macquarie Group announced that it has entered into an agreement to acquire Toronto-based Blackmont Capital Inc. from CI Financial for C$93.3 million. The acquisition provides Macquarie with an established and growing Canadian wealth management business and will add additional retail distribution to Macquarie’s existing capital markets and product offerings in Canada. Blackmont, one of the largest independent, full service investment dealers in Canada, will become part of Macquarie’s Banking and Financial Services Group and will be rebranded “Macquarie Private Wealth”. The business will continue to be run by Blackmont CEO, Bruce Kagan while Macquarie Executive Director and former Head of Macquarie Full Service Broking, Earl Evans, will relocate to Canada and become President of the business. The transaction is expected to close in the first quarter of 2010.