08:31 AM EDT, 06/20/2024 (MT Newswires) -- Guardian Capital Group ( GRCGF ) said Thursday that it agreed to acquire Toronto-based Galibier Capital Management, with closing expected during the summer.

Guardian expects the acquisition to add over $1 billion to its assets under management.

According to Guardian, Galibier team invests on behalf of a range of institutions and individuals through separate accounts and pooled funds. Galibier will continue to be led by its current management and investment team upon closing.

"[Galibier's] distinctive investment approach, philosophy and process will be a welcome addition to Guardian's existing portfolio management expertise," said George Mavroudis, Guardian's president and CEO.