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SOURCE Richardson GMP
TORONTO, Jan. 13, 2014 /CNW/ - Richardson GMP Limited (Richardson GMP) today announced that it has reached an agreement (the Agreement) with Dundee Goodman Private Wealth (Dundee Goodman), a division of Dundee Securities Ltd., under which a group of approximately 60 investment advisors and their related staff will transfer to Dundee Goodman from Richardson GMP. These advisors and staff joined Richardson GMP as part of its acquisition of Macquarie Private Wealth Inc. (Macquarie). Upon completion of the transaction, Richardson GMP will have $26 billion in assets under administration.
"During integration, we identified certain advisor businesses within Macquarie that were not a good fit with our business model focused on a disciplined approach to serving affluent families and entrepreneurs," said Andrew Marsh, President and CEO of Richardson GMP. "We considered several options and are confident that this arrangement with Dundee offers the best outcome and opportunities for everyone involved, including clients."
Under the Agreement, Dundee Goodman will take over the former Macquarie offices in Ottawa, Montreal, and Victoria. A more limited transfer of advisors will take place from Richardson GMP offices in Vancouver, Calgary and Toronto to Dundee Goodman's offices in those cities.
"These advisors are highly sought-after professionals and we are confident that they will flourish at Dundee, another strong independent firm," continued Mr. Marsh. "We appreciate their support over the past few months and wish them every success in the future."
Completion of the transaction is subject to a number of customary closing conditions, including regulatory approval by the Investment Industry Regulatory Organization of Canada. The transaction is expected to be completed during the first quarter of 2014. Staff joining Dundee Goodman will remain part of the Richardson GMP organization during the transition period.
ABOUT RICHARDSON GMP
As Canada's largest independent wealth management firm with offices across Canada, Richardson GMP provides exclusive and innovative investment solutions to successful families and entrepreneurs. Since 2010, Richardson GMP has earned top ranking in the Investment Executive Brokerage Report Card for products and services dedicated to high net worth investors. Richardson GMP Limited is a member of the Canadian Investor Protection Fund. www.RichardsonGMP.com
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