Raymond James, the Canadian arm of Raymond James Financial, has agreed to acquire independent Canadian private-wealth manager MacDougall, MacDougall & MacTier (3Macs) for an undisclosed amount.
The deal will create Canada’s largest independent investment dealer with over CAD33bn ($25.2m) in assets under administration, Raymond James said in a statement.
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The acquisition will add 72 advisers overseeing nearly C$6bn in client assets for individual investors and families to Raymond James.
Upon completion of the deal, which is anticipated in the end of 2016, 3Macs will continue to operate under the 3Macs brand as a unit of Raymond James. The deal is anticipated subject to regulatory and shareholders’ approval.
Raymond James chairman and CEO Paul Allison said: "We are very excited about this new partnership with 3Macs and the opportunity to create a new legacy of excellence serving Canadians with their total wealth management needs.
"Not only will this acquisition significantly accelerate our growth strategy across Canada, it meets our highly selective parameters for cultural fit, growth in a strategically important marketplace, and ease of integration."
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By GlobalData3Macs’ key management team will continue to be led by its president and CEO Randy Ambrosie, who will now report to Allison. 3Macs chairman Tim Price will join Raymond James’ board of directors as part of the deal.
