January 09, 2007 15:34 ET

Sceptre Investment Counsel Completes Acquisition of Legg Mason Canada's Private Client Division

TORONTO, ONTARIO--(CCNMatthews - Jan. 9, 2007) - Sceptre Investment Counsel Limited (TSX:SZ) is pleased to announce that, following receipt of unitholder and regulatory approvals, it completed the previously announced purchase of the Private Client Division of Legg Mason Canada on December 31, 2006.

Legg Mason Canada's Private Client Division, which will now operate under the Sceptre brand, manages over $600 million in assets in four locations across Canada. As a result of this acquisition, Sceptre now has in excess of $1.0 billion in individual, endowment and foundation assets under management.

The newly acquired business will be merged with Sceptre's existing private client operations. All Legg Mason Canada Private Client managers and staff have joined Sceptre in roles similar to those previously held.

Pursuant to the terms of the transaction, Sceptre will continue to use the existing Legg Mason Canada affiliates as sub-advisors for foreign specialty investments in discretionary pools and segregated account management. Legg Mason Canada's affiliates include Batterymarch Financial Management, Brandywine Global Investment Management, Private Capital Management, Legg Mason Capital Management and Berkshire Asset Management.

The all-cash transaction will be accretive to Sceptre's operating earnings and cash flow in 2007.

KPMG Corporate Finance acted as Sceptre's exclusive financial advisor on the transaction.

About Sceptre Investment Counsel

Sceptre Investment Counsel Limited is a leading independent Canadian investment management firm. The Company's Pension and Institutional Fund group manages investment portfolios for a wide range of clients, including corporations, governments, hospitals, charitable foundations, endowments, universities and unions. Through its Private Client group, Sceptre provides discretionary funds and segregated account management for high net worth individuals and offers a family of seven mutual funds and two closed end funds. Sceptre employs approximately 60 people. Sceptre's common shares trade on the Toronto Stock Exchange, under the symbol SZ.

Contact Information

  • Sceptre Investment Counsel Limited
    Richard L. Knowles
    President and Chief Executive Officer
    (416) 866-2380