Wealth Management Acquisitions in Canada

Kelso & Company closed a nearly C$400 million secondary minority common equity investment in Wellington-Altus Financial Inc., acquiring a 25% minority stake and implying an enterprise value of more than C$1.5 billion. The transaction was overwhelmingly approved by Wellington-Altus shareholders (over 99%), while advisors and employees remain the largest shareholder group and the company remains majority Canadian-owned.

iA Financial Corporation Inc. completed its acquisition of RF Capital Group Inc., the Canada-based independent wealth manager operating under the Richardson Wealth brand. The transaction was executed via a court-approved plan of arrangement under Ontario’s Business Corporations Act, with iA’s wholly owned subsidiary acquiring all RF Capital common shares for C$20.00 per share and all Series B preferred shares for C$25.00 per share (plus specified dividend-related amounts).

Lorne Park Capital Partners Inc., through its wholly owned subsidiary Bellwether Investment Management Inc., acquired 100% of the outstanding securities of 1001273791 Ontario Ltd., an Ontario corporation holding approximately $40 million in assets under management. The seller was Gordon Archer, a financial advisor at Bellwether, who will become a Bellwether employee following the transaction. Total consideration is $1.3 million, with $520,000 paid at closing and the remainder paid in annual installments from 2026 to 2029 subject to revenue-based adjustments.

Mubadala Capital completed its previously announced take-private acquisition of CI Financial Corp. on August 12, 2025 via a statutory plan of arrangement under the Ontario Business Corporations Act. Mubadala Capital acquired 100% of CI’s outstanding common shares for C$32.00 per share (with certain CEO shares rolled over), valuing CI’s equity at approximately C$4.7 billion and implying an enterprise value of approximately C$12.1 billion. CI will continue to operate independently under its existing structure and leadership, with headquarters remaining in Toronto, Ontario.

Harbourfront Wealth Holdings Inc. (Harbourfront Wealth) announced the acquisition of Millar Private Wealth Management Inc., adding approximately $800 million in assets under administration. The deal expands Harbourfront Wealth’s presence across Canada and increases its total AUA to more than $12 billion.

Harbourfront Wealth Holdings Inc. announced it has acquired KJ Harrison & Partners (KJH), a high-net-worth and family office wealth management boutique that includes a CIRO-registered investment dealer. The acquisition expands Harbourfront Wealth’s scale in Canada, bringing its total assets under administration to nearly CAD $11 billion and enhancing its ability to deliver customized wealth solutions to private clients nationwide.

OneDigital announced a strategic investment in PWL Capital, an independent wealth management firm headquartered in Montreal, Canada, marking OneDigital’s first international expansion. As part of the partnership, PWL will transition to the OneDigital brand while continuing to operate as an independent subsidiary, with OneDigital positioning the investment as a foundation for further expansion in Canada.

Harbourfront Group (Harbourfront Wealth Management) announced the acquisition of Rothenberg Wealth Management, including its CIRO-registered investment dealer and guaranteed investment certificate dealer. The transaction also includes the purchase of Rothenberg & Rothenberg Annuities, expanding Harbourfront’s scale to approximately CAD$8 billion in assets under administration and strengthening its presence in Québec and Alberta.

CI Financial Corp. has agreed to acquire Coriel Capital Inc., a Montreal-based wealth management firm serving ultra-high-net-worth families. The deal is intended to expand CI’s presence in the ultra-high-net-worth market and strengthen its Canadian wealth management platform; the transaction is expected to close in the fourth quarter of the year.

The Canada Life Assurance Company (Canada Life), a subsidiary of Great-West Lifeco Inc., agreed to acquire Value Partners Group Inc., a Winnipeg-based wealth planning and investment firm. The acquisition is intended to expand Canada Life’s wealth management platform for independent advisors, with Value Partners continuing to operate independently after closing (expected by the end of 2023, subject to approvals).

Guardian Capital Group Limited has agreed to acquire a 60% ownership interest in Rae & Lipskie Investment Counsel Inc. (The RaeLipskie Partnership), a private wealth manager based in Waterloo, Ontario. The deal is expected to close in Q3 2022 subject to regulatory approvals, with current employees retaining the remaining 40% stake.

Slate Asset Management completed its previously announced acquisition of Presima Inc., a Montreal-based specialist investment manager focused on global real estate securities. The transaction closed on June 10, 2022 and added approximately $1.1 billion in assets to Slate’s investment management business; financial terms were not disclosed.

The Harbourfront Group of Companies announced a strategic investment from Audax Private Equity, valuing Harbourfront at an enterprise value of CAD $425 million. Proceeds from Audax’s investment will be distributed among Harbourfront’s shareholders, including its team of Investment Advisors, and the partnership is intended to support Harbourfront’s growth in Canada.

Purpose Advisor Solutions (PAS), majority owned by Purpose Financial, is acquiring the Wealthsimple for Advisors (W4A) business to combine the two into a single advisor-focused platform. The transaction is intended to enhance technology-enabled portfolio and account solutions for Canadian advisors and independent investment firms. W4A leadership, including CEO J-F Courville and Chief Client Officer Dave Nugent, will join PAS as managing partners.

Onex Corporation entered into a definitive agreement to acquire 100% of Gluskin Sheff + Associates Inc. in an all-cash transaction valued at approximately C$445 million (C$14.25 per share). The deal is expected to close in the first half of 2019, subject to shareholder, court and regulatory approvals, with certain Gluskin Sheff senior managers rolling over a portion of their shares into Onex subordinate voting shares.