CI Financial says it will keep Blackmont's capital markets division, which employs 60 people providing market research and producing analyst reports on stocks and other investments.

Blackmont operates a network of about 130 investment advisers who provide services to retail investors.

Macquarie is headquartered in Sydney, Australia but has a growing presence in Canada's financial sector. Following the acquisition, it expects to have about 1,000 employees in Canada.

Toronto-based CI Financial is one of Canada's largest wealth-management and advisory firms, operating in the retail investment sector through its Assante Wealth Management business.