Dundee Goodman Private Wealth is planning to strengthen its wealth management services by adding a group of about 60 investment advisors and their related staff from Richardson GMP.
The new Dundee Goodman investment advisors will manage portfolios with a combined value of approximately US$2.0 billion.
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Dundee Goodman Private Wealth will now comprise of approximately 100 investment advisors across Canada managing portfolios valued at more than US$6 billion while Dundee Securities as a whole will expand its global reach with offices in Toronto, Montreal, Calgary, Vancouver, Ottawa, Victoria, Dubai and London, England.
John Cucchiella, senior vice president and head of retail at Dundee Goodman, said that the new members of their team will be able to pursue various business models, including the separately managed accounts platform (SMAs) that are being incorporated into own portfolio management programme.
"Our new investment advisors will also have access to the Dundee Goodman Insurance Agency, thereby providing their clients with comprehensive investment and financial planning options."
Under the deal, Dundee Goodman will acquire Richardson GMP’s existing offices in Ottawa, Montreal and Victoria.
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By GlobalDataAdditionally, a limited number of investment advisors will be transferred from Richardson GMP offices in Vancouver, Calgary and Toronto to Dundee Goodman’s offices in those cities.
Expected to be completed in March 2014, the completion of the transaction is subject to a number of customary closing conditions, including regulatory approval from the Investment Industry Regulatory Organization of Canada.
