Guardian Capital Group has signed a deal to acquire a 60% majority interest in the Ontario-based private wealth manager Rae & Lipskie Investment Counsel (The RaeLipskie Partnership).
Financial terms of the agreement were not disclosed. The deal is expected to close in the third quarter of this year, subject to regulatory approvals.
Current employees of The RaeLipskie Partnership will retain the remaining 40% ownership interest in the firm. It has assets under management (AuM) of over C$1.1 bn.
Guardian president and CEO George Mavroudis said: “We’re delighted to partner with such a well-respected firm and management team as we continue to grow our presence in the private client wealth space.
“This transaction will add over $1bn in assets under management to our Private Wealth segment and further extend our regional coverage in key markets.”
The RaeLipskie Partnership president and COO Brian Lipskie added: “Like Guardian, we have always believed in serving our clients with a customer-first and community-based approach to everything we do. We look forward to continuing to do so, but with the added strength and stability that comes from partnering with Guardian.”
Founded in 1962, Toronto-based Guardian specialises in wealth and investment management.
The firm provides a range of investment management solutions to institutional and private wealth clients through its subsidiaries and offers wealth management services to financial advisors in its national mutual fund dealer, securities dealer and insurance distribution network.
As of 31 March 2022, the firm had C$53.1bn of assets under management and C$30.5bn of assets under administration. It also managed a proprietary investment portfolio with a fair market value of C$741m at end of this March.
Last year, Guardian concluded its previously announced takeover of BNY Mellon’s wealth management and advisory services unit in Canada.