TORONTO, May 12 /CNW/ - Galileo Global Equity Advisors Inc. ("Galileo"),
the parent corporation of Galileo Funds Inc., the manager of the Galileo
Mutual Funds, announced today that Northland Bancorp Inc. ("Northland
Bancorp") has acquired a controlling interest of Galileo from Michael Waring
for an undisclosed amount. The transaction is expected to close in July, 2009,
provided all closing conditions are met, including approval from regulatory
Northland Bancorp is a Calgary based private equity boutique committed to
expanding into the financial services industry.
Michael Waring, the President and Chief Investment Officer of Galileo,
said that he was very excited to welcome Northland Bancorp as a majority
shareholder of Galileo. Mr. Waring said that he and Northland Bancorp share
the same desire and strategy of growing Galileo's mutual fund business and the
other components of Galileo's investment management business. Mr. Waring said
that the new ownership arrangement with Northland Bancorp will allow Galileo
to further strengthen the resources available to its clients. Michael Waring
will remain a significant shareholder and continue to serve as President and
Chief Investment Officer of Galileo and will also remain a member of the
firm's board of directors.
"We are excited to be working with a high quality professional like
Michael and look forward to dedicating energy and resources to growing the
Galileo investment team" said Brian W. Bapty, PhD., Partner Northland Bancorp.
Galileo, a Toronto based money manager formed in 2000, provides
discretionary investment management services to the Galileo Mutual Funds, high
net worth clients and other institutional accounts.
For further information:
For further information: For information on Northland Bancorp contact
Brian Bapty, (604) 218-1647. For information on Galileo contact Michael
Waring, (416) 594-3636.