Cidel invests in Toron

TORONTO, Oct. 7 /CNW/ - Cidel Financial Group Inc. and Toron Capital Markets Inc. announced on October 1st that Cidel has acquired a majority stake in Toron, a leading independent investment counselling firm headquartered in Toronto. Terms of the agreement were not disclosed.

"We are excited about Cidel's investment in Toron," said Arthur Heinmaa, President of Toron. "We are impressed with Cidel's leadership and their global network of high net worth and institutional clients."

Under the terms of the transaction, both firms will continue to operate as independent entities and will retain full autonomy over their respective investment strategies. "This transaction allows us to benefit from each others strengths," remarked Craig Rimer, President of Cidel. "Cidel's clients will have access to Toron's active investment strategy in international markets. In return, Cidel will provide capital and resources to aid Toron's growth plans."

Cidel is a subsidiary of Cidel Bank & Trust Inc., a global financial services firm with offices in Barbados, Calgary, Bermuda, Johannesburg and Toronto with approximately $3 billion of assets worldwide. Cidel provides fiduciary and investment management services to high net worth and institutional clients. For more information please visit www.cidel.com

Toron is dedicated to growing and safeguarding clients' capital. Focusing on personal wealth management and has an excellent long term global equity track record providing custom equity and fixed income portfolios to its high net worth and institutional clients. Toron has offices in Toronto and Vancouver. For more information please visit www.toron.com

SOURCE CIDEL FINANCIAL GROUP INC.

For further information: For further information: Craig Rimer, President & Chief Investment Officer, Cidel Financial Group, (416) 928-4125 or crimer@cidel.com; and Arthur Heinmaa, President, Toron Capital Markets Inc., (416) 977-6767 or arthur.heinmaa@toron.com

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CIDEL FINANCIAL GROUP INC.

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