Canada-based GMP Capital’s wealth management arm has set up a new US unit, Richardson GMP US, which will primarily cater to Canadian clients who are residents in the US, the Wall Street Journal reported.
"The new US unit will offer strictly fee-based discretionary accounts over the next two weeks, with Pershing providing back office clearing services, Andrew Marsh, CEO and president of Richardson GMP, was quoted as saying by the journal.
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Marsh added the firm’s US license will enable Richardson advisers in Canada to tap into opportunities with potential clients in New York. Also, advisers in Vancouver and other western Canadian provinces will work with clients in California.
"We have retirees, Canadian celebrities, hockey players, and oil and gas, high technology and finance executives that are moving south and vice versa," Marsh said. "By getting a US license, we can continue to maintain those relationships."
Last month, Richardson GMP forged ties with New York-based independent firm, Dynasty Financial Partners, to provide cross-border access to both firms’ products and services.
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