Galileo provides investment advisory and portfolio management services to clients including pension funds, high net worth individuals, corporations and trusts. It also manages the Galileo Mutual Funds, represented across Canada by independent financial advisors. Galileo manages approximately C$268 million in assets as of May 31, 2014.

The investment brings US Global Investors’ ownership - through its wholly-owned subsidiary US Global Investors (Canada) - to approximately 65 per cent of the issued and outstanding shares of Galileo.

“This relationship empowers Galileo’s management team to build the business with our additional investment capital and money management and marketing support,” said Frank Holmes, chief executive and chief investment officer of US Global Investors. “Additionally, we benefit from the sharing of intellectual capital and Galileo’s proven track record in fund management.”

Michael Waring, Galileo’s president, CEO and chief CIO, will continue to manage the business and be responsible for the investment management activities of the company including management of the Galileo Mutual Funds. Waring will hold 35 per cent of the outstanding shares of Galileo.

With an average of $1 billion in assets under management in the quarter ended March 31, 2014, US Global Investors manages domestic and offshore funds.