Sceptre Investment Counsel Ltd. of Toronto has completed its acquisition of Legg Mason Canada's private client division.
The unit, which will be merged with Sceptre's private client business and take the Sceptre brand, manages more than $600 million of assets in four locations across Canada. Sceptre has $1 billion of assets under management with the acquisition, which was announced Tuesday.
The price of the all-cash purchase was not disclosed.
Sceptre said it has hired all of Legg Mason Canada's private client managers and will continue to use Legg Mason Canada affiliates as subadvisers for foreign specialty investments in discretionary pools and segregated account management.
The affiliates include Batterymarch Financial Management, Brandywine Global Investment Management, Legg Mason Capital Management, and Berkshire Asset Management.
Sceptre said the acquisition will be accretive to operating earnings and cash flow in 2007.