Press Release
Toronto, 09 September 2013
Macquarie Group (Macquarie) today announced that it has entered into an agreement for the sale of its Canadian retail business, Macquarie Private Wealth (MPW) Canada, to Richardson GMP Limited (RGMP).
MPW Canada has more than 185 advisor teams in 12 offices in Canada with $C12.9 billion of assets under administration. It is a top-ranked national, independent full-service investment dealer according to the Investment Executive Brokerage Report Card.
RGMP is Canada’s leading independent wealth management firm, with offices in 14 cities and more than 115 advisor teams managing $C15.1 billion in assets under administration. Upon completion of the sale, the combined business will have approximately $C28 billion of assets under administration and will be Canada’s largest independent platform.
Head of MPW Canada, Earl Evans, said that bringing MPW Canada and RGMP together would create an independent advisory firm of substantial scale that would better compete in a market that has undergone significant consolidation over the past five years.
“We believe the combined businesses will be sustainably successful in a highly competitive market and lead to outstanding outcomes for our clients and employees. Both firms share a culture of client commitment that positions the combined firm to build upon its reputation for delivering a premium service.
“The combination of these businesses is a great fit. We have grown the platform in Canada considerably and, by consolidating with RGMP, the business can accelerate its path to the next level. I am confident the new platform will be the right one for our clients and our advisor teams.”
Andrew Marsh, President and CEO of RGMP said, “The combination of MPW Canada and RGMP will result in the best of both worlds – a firm with significantly expanded scale that will be able to compete with larger institutions while maintaining a boutique culture.”
The sale of MPW Canada will have no effect on Macquarie’s other businesses in Canada, which continue to operate from Toronto, Calgary, Montreal and Vancouver. Macquarie continues to operate diverse businesses in Canada, including institutional equities, corporate advisory, funds management, asset finance, and fixed income, currencies and commodities.
The transaction is not expected to be material for Macquarie. The transaction is expected to close in the fourth quarter of the calendar year following customary regulatory reviews.
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