Cidel Financial Group Inc. has acquired a majority stake in investment counselling firm Toron Capital Markets Inc., the companies said Wednesday.

Terms of the agreement were not disclosed.

“We are excited about Cidel’s investment in Toron,” says Arthur Heinmaa, Toron’s president. “We are impressed with Cidel’s leadership and their global network of high net worth and institutional clients.”

Toron provides custom equity and fixed income portfolios to its high net worth and institutional clients. The firm has offices in Toronto and Vancouve.

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,” says 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.

IE