Macquarie, the Australian-based bank, plans to acquire Canadian investment business Blackmont Capital from CI Financial for $C93.3 million ($88.6 million).

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

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