AMBITIOUS ADVISORY FIRM IN NEW ACQUISITION
Wellington-Altus is buying Calgary-based TriVest Wealth Counsel Ltd. and making its first foray into the investment counsel portfolio manager (ICPM) side of the Canadian wealth management industry.
Wellington-Altus, an independent advisory firm based in Winnipeg, has been consolidating a segment of the wealth management industry, though largely focused on IIROC businesses. They already hold $8.5 billion AUA and last month acquired Cresco Wealth Management and its $800 million AUM from Scotia Wealth Management. In acquiring TriVest, Wellington-Altus has entered the ICPM space, regulated by provincial securities commissions. It’s a business where PMs are often business owners with their own fiduciary duty to clients.