The Globe and Mail reports in its Saturday, Feb. 3, edition that Guardian Capital Group Ltd. is widening its U.S. footprint with the $70-million purchase of North Carolina-based Sterling Capital Management, a deal that will nearly triple Guardian's assets under management (all figures U.S.). The Globe's Clare O'Hara writes that on Friday, Guardian announced its wholly owned subsidiary Guardian Capital LLC has entered into an agreement to acquire 100 per cent of Sterling Capital Management from U.S.-based Truist Financial. Guardian chief executive officer George Mavroudis said in a statement the deal will "significantly enhance" the company's overall scale as a global asset manager and position it for future growth. The deal, which is expected to close in the second quarter of 2024, includes a cash payment of $70-million, as well as future earn-out incentives, which are typically additional payments to the seller if the acquired company hits certain targets. Sterling is an independent money manager with about $76-billion in assets under management for both institutional and retail investors. The company currently has six investment units with about 181 employees. Guardian manages about $47.3-billion in assets.