Australian investment bank Macquarie Group (MQG.AX) said on Monday it plans to acquire Blackmont Capital from CI Financial (CIX.TO) for $C93.3 million ($88.6 million), in a bid to expand its wealth management business and product portfolio in Canada.

Toronto, Ontario-based Blackmont, which employs over 450 people, is one of the largest independent, full service investment dealers in Canada.

Put simply, this transaction will enable us to deliver more to our people and clients, said Blackmont's Chief Executive Bruce Kagan, who will continue to run the business.

Blackmont will become part of Macquarie's Banking and Financial Services Group and will be rebranded Macquarie Private Wealth.

In a recent interview, Macquarie's top U.S. executive told Reuters that the bank planned to keep its eyes open for more boutique acquisitions. ($1= $1.05 Canadian)