Toronto-based Guardian Capital Group has agreed to acquire BNY Mellon’s Canadian wealth management business, BNY Mellon Wealth Management, Advisory Services (WMAS).

Guardian is purchasing the Toronto-based business from BNY Mellon subsidiary Mellon Canada Holding Company.

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The transaction, whose financial details are unknown, awaits regulatory approvals. It is expected to wrap up in the first quarter of 2021.

WMAS is said to be a pioneer in setting up the multi-family office and endowment service in Canada.

The deal boosts Guardian’s core wealth management capabilities in the UHNW segment and family office segment and brings over $5.5bn in assets under advisement to the firm.

Guardian president and CEO George Mavroudis said: “We are excited to have WMAS join Guardian. WMAS is a quality organisation that complements our approach and values. Our heritage of working with ultra-high net worth families, and the consistency of our approach and principles will pave the way forward together.

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“We continue to look for ways to enhance our offering to this underserved market segment, and this transaction underscores our growth strategy.”

BNY Mellon Wealth Management CEO Catherine Keating added: “We believe Guardian Capital will be a great steward to help invest and grow the WMAS business.

“WMAS’s leadership in investment advice and OCIO services supported by Guardian’s 60 year track record in asset and wealth management are a compelling combination for our Canadian clients and colleagues.”

Last month, Guardian agreed to acquire a 70% stake in Alta, an investment management firm based in Utah.

In October this year, the company acquired a majority stake in Virginia-based investment management company Agincourt Capital Management.