The Globe and Mail reports in its Wednesday, Oct. 4, edition that EQB, the company that owns on-line bank challenger EQ Bank, is expanding its wealth management footprint with the purchase of a 75-per-cent interest in ACM Advisors, an alternative asset manager with $4.8-billion in assets. The Globe's Clare O'Hara writes that on Tuesday, EQB announced plans to acquire ACM Advisors for an undisclosed amount that will be paid in a cash and share transaction. EQB common shares will be issued through a private placement offering five days prior to the closing date, which is expected to be before the end of 2023. Under the deal, which is still subject to regulatory approval, ACM Advisors will operate as an independent majority owned subsidiary of EQB -- separate and distinct from EQB's wholly owned subsidiary Equitable Bank. ACM Advisors specializes in the management of pooled Canadian commercial mortgage funds on behalf of pension plans, investment funds, charitable foundations, corporations and retail investors. Over the past five years, ACM Advisors has doubled its assets under management to nearly $5-billion with more than 200 institutional clients across the country, as of Sept. 30.