Macquarie Acquires Blackmont Capital
Macquarie group made an announcement that they have just completed their acquisition of Blackmont Capital. With that in mind, the company is looking forward for further expansion and growth.
The Macquarie Group just made a public declaration confirming that they have just completed all the requirements of acquiring CI Financial’s Blackmont Capital.
This means that starting 01 January 2010, Blackmont employees will already start reporting to the Macquaire business.
Of course, this is just the beginning of the many changes that are yet to come. For example, one of the things that will immediately be implemented would be the rebranding of the business. Starting the first day of February, the company will already be addressed as the Macquarie Private Wealth. Additionally, they will also start offering a wider variety of services for their clients when it comes to their financial advice services. The changes will be implemented by the company for all their 13 offices within Canada.
While there are those that are still a bit pessimistic about it, Macquarie assures that this will be for the best benefit of everyone. At the same time, it puts the company in the position as a global retail financial service as they also make expansions not only in Canada but even in Asia, Australia and the United Kingdom.
However, it should be noted that Bruce Kagan will continue functioning as the CEO and will be running the business, this time together with Earl Evans, current Macquarie Executive Director, who will start working as the President.
For Peter Maher, Macquarie’s Global Head, this is a necessary move because it “adds additional retail distribution to Macquarie's existing capital markets and product offerings in Canada“.
On the other hand, Mr. Kagan confirms that this is a good decision, basing on the fact that “"Blackmont and Macquarie share a common focus on client service, innovation and risk management”.
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