TORONTO Jan 13 Dundee Goodman Private Wealth, a
unit of Dundee Securities Ltd, said on Monday a group of about
60 investment advisers and their staff are transferring to
Dundee from Richardson GMP.
The move will greatly expand Dundee's wealth management unit
giving the firm more than 100 investment advisers across Canada
managing portfolios valued at more than $6 billion.
"This transaction marks a valuable addition to our growing
wealth management business, thereby cementing our position as a
strong and independently owned Canadian securities firm," said
Jonathan Goodman, chief executive of Dundee Capital Markets in a
Under the agreement, Dundee will take over former Macquarie
Private Wealth offices in Ottawa, Montreal, and Victoria. And a
more limited transfer of investment advisors will take place
from Richardson GMP offices in Vancouver, Calgary and Toronto to
Dundee Goodman's offices in those cities.
Richardson GMP, in which financial services firm GMP Capital
owns a non-controlling ownership interest, was expected
to lose some investment advisers following its agreement to buy
Macquarie Canada's Private Wealth unit for about C$132 million
($121.5 million) last September.
All the advisers transferring to Dundee joined Richardson
GMP as part of its acquisition of Macquarie Private Wealth.
"We identified certain advisor businesses within Macquarie
that were not a good fit with our business model," said Andrew
Marsh, chief executive of Richardson GMP in a separate release.
"We considered several options and are confident that this
arrangement with Dundee offers the best outcome and
opportunities for everyone involved, including clients."