The transaction, whose financial terms were not disclosed, was closed on 30 June 2022.
The acquired entity offers a suite of wealth management services, including investment management, estate, insurance solutions, retirement and tax planning, and philanthropic advisory services to high-net-worth (HNW) individuals and families.
It oversees $4.3bn in assets and has offices in Waterloo, Kingston, Calgary, and Kelowna.
NFP chairman and CEO Doug Hammond said: “The addition of Newport strategically expands NFP’s North American wealth management presence by adding one of the leading organizations and platforms in the space.
“This exceptional addition for NFP, which brings our total assets under management to nearly $50 billion, aligns with our focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients.”
As agreed, Newport Private Wealth senior management team will continue to lead the firm under its current brand.
Newport Private Wealth president and CEO Douglas Brown said: “We’re delighted to join NFP and be part of a growing global organisation dedicated to expanding its wealth management capabilities in North America.
With NFP, Newport will enhance the client experience, with access to additional resources and expertise that will elevate the value we provide. NFP shares our commitment to our clients, employees, partners and brand. We’re excited to bring personalised and expert wealth management services to even more communities as we grow.”
NFP said that the Newport management team will play an integral role in the expansion of its wealth management operation through the development of the Newport Private Wealth brand.
Furthermore, the Newport team will work closely with the NFP executive team to hire new resources, integrate acquisitions and further develop the complementary capabilities across the country.
NFP in Canada president John Haas said: “By providing a unique private wealth management offering and personalised service experience for clients, Newport squarely aligns with the strong foundation NFP has built in our North American wealth management business. Newport will add tremendous value to NFP and our clients across the wealth spectrum.”
In 2020, NFP acquired Fiduciary Investment Advisors, an independent investment consulting firm.