Societe Generale Private Banking (SGPB) has sold the Canadian subsidiary it bought in 2008, Canadian Wealth Management Group (CWM), to Fiera Capital Corp, for an undisclosed amount.
CWM is understood to have had assets under management (AuM) figure of CAD750m ($764m) as of 30 June 2011.
Fiera Capital claims to be one of Canada’s fastest growing investment managers with assets under management of CAD55bn.
Expected to close in Q4
When contacted by PBI, SGPB confirmed that they had signed an agreement to sell Canadian Wealth Management Group.
It said that contracts were exchanged yesterday, and that the target date for closing is expected in the fourth quarter of the year, subject to regulatory approval.
CEO and CIO of CWM, Paul Vaillancourt said that their first priority following the sale will be to ensure existing clients are "fully satisfied."
He also said that there were plans to expand Fiera Capital’s private wealth platform in Alberta and across western Canada.
The Calgary-based wealth management group, which served Western Canada for more than 30 years, manages assets for high net worth individuals, endowments, families and foundations.