Nasdaq-listed US Global Investors, a registered investment advisor specializing in natural resources and emerging markets, is to purchase 50 per cent of the issued and outstanding shares of Toronto-based Galileo Global Equity Advisors.

Michael Waring will continue to serve as president, chief executive and chief investment officer of Galileo, with overall responsibility for the firm’s investment management activities, including management of the Galileo Mutual Funds. He and US Global will each own 50 per cent of Galileo’s outstanding shares following completion of the deal. 

Waring said the partnership with US Global will strengthen Galileo’s balance sheet while also expanding his firm’s research capabilities. The transaction is pending approval from regulatory authorities, but is anticipated to close on or before March 31.

Galileo Global Equity Advisors provides investment advisory and portfolio management services to pension funds, high net worth individuals, corporations and trusts.

US Global Investors is headquartered in San Antonio, TX, with some $1.66 billion in assets under management as at end-September 2012.