GMP Capital’s wealth management arm Richardson GMP is planning to launch an investment management division by the end of 2015.
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The firm is also planning to acquire CQI Capital Management, a provider of investment management products and services to HNWIs and institutional investors, from parent company GMP Capital for an undisclosed amount, The Globe and Mail has reported.
CQI will be re-launched as a third party asset manager, focused on alternative investments, with the funds accessible exclusively to accredited investors.
The acquisition is expected to reduce the annual expenses of GMP by approximately $2.3m, the publication reported.
Richardson GMP CEO Andrew Marsh told the publication: "We have heard from a lot of really smart money managers telling us that they want to bring some great products to the Canadian marketplace but the banks won’t let them on their platform."
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By GlobalDataGMP Capital CEO Harris Fricker said: "We just didn’t have sufficient critical mass for that ever to be a material part of our business.
"Through discussions with Richardson GMP we believe they are going to explore a more compelling route on the product side."
