Guardian Capital takes 60% stake in Rae & Lipskie Investment Counsel – Private Banker International OCN News

Guardian Capital Group has signed an agreement to acquire a 60% majority stake in Ontario-based private wealth manager Rae & Lipskie Investment Counsel (The RaeLipskie Partnership).

Financial terms of the agreement were not disclosed. The transaction is expected to close in the third quarter of this year, subject to regulatory approvals.

Current employees of The RaeLipskie Partnership will retain the remaining 40% interest in the business. It has assets under management (AuM) of over C$1.1 billion.

Guardian President and CEO George Mavroudis said: “We are delighted to partner with such a respected company and management team as we continue to grow our presence in the wealth management space. private clients.

“This transaction will add over $1 billion in assets under management to our Private Wealth segment and further expand our regional coverage in key markets.”

RaeLipskie Partnership President and COO Brian Lipskie added, “As Guardian, we have always believed in serving our customers with a customer-centric, community-based approach to everything we do. We look forward to continuing to do so, but with the added strength and stability that comes from partnering with Guardian. »

Founded in 1962, Toronto-based Guardian specializes in wealth and investment management.

The company offers a range of investment management solutions to institutional and private clients through its subsidiaries and provides wealth management services to financial advisors through its nationwide network of mutual fund dealers, investment dealers securities and insurance distribution.

As of March 31, 2022, the company had C$53.1 billion in assets under management and C$30.5 billion in assets under administration. She also managed a proprietary investment portfolio with a fair market value of C$741 million at the end of March.

Last year, Guardian completed its previously announced takeover of BNY Mellon’s wealth management and advisory services unit in Canada.

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