U.S. Global Investors, Inc. (Nasdaq: GROW), a boutique registered investment adviser specializing in natural resources and emerging markets, announced today that the company has completed its agreement to purchase 50 percent of the issued and outstanding shares of Toronto-based Galileo Global Equity Advisors Inc. (Galileo).
Effective March 31, 2013, Galileo’s President, CEO and Chief Investment Officer Michael Waring and U.S. Global each own 50 percent of the outstanding shares of Galileo. Waring continues to have overall responsibility for the investment management activities of Galileo, including management of the Galileo Mutual Funds.
U.S. Global’s CEO and Chief Investment Officer Frank Holmes said, “I’m pleased to be partnering with Galileo, as U.S. Global continues to deploy capital resources to make accretive acquisitions as well as repurchase GROW shares on down days.”
As previously disclosed, U.S. Global has been repurchasing outstanding common stock on the open market on down days using an algorithm, following the rules and regulations that restrict the amounts and times when shares can be purchased. The company will reflect the total buyback purchases from the open market with its upcoming 10-Q filing.
About Galileo Global Equity Advisors Inc.
Founded in 2000 by Michael Waring, Galileo delivers investment advisory and portfolio management services to institutional clients including pension funds, high net worth individuals, corporations and trusts. It also manages the Galileo Mutual Funds (www.galileofunds.ca), which are represented across Canada by independent financial advisors. Galileo currently manages approximately 320 million Canadian dollars in mutual fund assets.
About U.S. Global Investors, Inc.
U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on profitable niche markets around the world. Headquartered in San Antonio, Texas, the company provides advisory, transfer agency and other services to U.S. Global Investors Funds and other clients.
With an average of $1.68 billion in assets under management in the quarter ended December 31, 2012, U.S. Global Investors manages domestic and offshore funds offering a variety of investment options, from emerging markets to money markets.
Susan Filyk, 210-308-1286