(October 15 – 10:10 ET) – Winnipeg-based Assante Corp. says it has arranged a US$50 million revolving credit facility with a Canadian banking syndicate to fund future acquisitions.
Assante has been a hungry acquisitor in recent years, closing 16 deals for assorted fund dealers, securities dealers and other financial professionals in the U.S. and Canada. Along the way it has built a powerhouse retail shop with 2,500 advisors. The firm has $22.3 billion in assets under administration, $3.3 billion of it in its own in-house funds.
The firm has been rumoured to be looking at expanding its sports and entertainment management division in the U.S.
The banking syndicate includes five of the Big Six banks, with Bank of Nova Scotia the exception.
IE Staff