View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
July 1, 2022

NFP scoops up Toronto-based Newport Private Wealth

Insurance broker NFP has acquired Toronto-based private wealth management firm Newport Private Wealth.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International