Richardson GMP eyes further growth beyond Macquarie deal

Tue Sep 10, 2013 10:57am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Richardson GMP aim to increase assets under management with Macquarie deal

* Deal positions firm to compete better against banks

* GMP Capital shares up 9 pct in early trading on TSX

By Euan Rocha

TORONTO, Sept 10 (Reuters) - Richardson GMP aims to increase its assets under management to over C$30 billion ($28.9 billion) after the acquisition of Macquarie Group's Canadian retail business, the wealth management firm's head Andrew Marsh said on Tuesday.

Richardson GMP, in which financial services firm GMP Capital owns a non-controlling ownership interest, said late on Monday that it plans to buy Macquarie Private Wealth for about C$132 million ($127.3 million).

The deal, which is subject to regulatory approval, will make it the largest independent wealth management firm in Canada, well ahead of rivals like Raymond James and Canaccord Genuity.

"Our goal is to have well over C$30 billion in assets under management in the next 18 months," Marsh, Richardson GMP's Chief Executive, told Reuters in an interview.

Macquarie Private Wealth Canada has more than 185 teams of advisors in 12 Canadian offices with C$12.9 billion of assets under management. The combined firm will have about C$28 billion in assets under management.   Continued...