Canada's IGM Financial is to buy Saxon Financial with the support of Saxon’s directors and principal shareholders,
CMA Holdings, Bob Tattersall and Rick Howson. Saxon's range of businesses includes private asset management.

The shareholders have agreed to tender their shares representing approximately 45 per cent of Saxon’s outstanding common shares.

IGM Financial is one of Canada's largest personal financial services companies and one of the country’s largest managers and distributors of mutual funds and other managed asset products, with C$116.8 billion ($112.1 billion) in total assets under management. Its activities are carried out principally through Investors Group, Mackenzie Financial Corporation and Investment Planning Counsel; it is a member of the Power Financial Corporation group of companies.

Saxon will become part of Mackenzie once the take-over bid is completed.

The acquisition of Saxon will bring Mackenzie approximately C$13 billion in investment advisory mandates to a number of mutual fund, institutional, and high net worth investors. Saxon’s institutional and private client businesses operate under the brand name of Howson Tattersall.

Chief investment officer Mr Howson and president and chief executive Mr Tattersall will continue with the combined organisation and will lead the Howson Tattersall investment management team through 2010 and oversee their personal succession plans announced in 2005.

Saxon has three principal businesses: Saxon Funds Management, which manages a family of mutual funds; Howson Tattersall Investment Counsel, an institutional asset management business; and Howson Tattersall Private Asset Management, a private client asset management business.