A rapidly expanding wealth manager and a boutique investment bank plan to announce a partnership on Friday that gives both firms room to grow without incurring significant costs, a concept that will likely attract imitators at other small brokerage houses.
Winnipeg-based Wellington-Altus Private Wealth Inc., which has $10-billion of assets under management, struck a deal that gives its wealthy clients access to new stock and bond offerings from Toronto-based Infor Financial Inc., an investment dealer that focuses on growth companies in sectors such as tech, mining, real estate, communications end cannabis.
The partnership is a return to a full-service approach that’s worked in the past for founders of both Wellington-Altus and Infor, who came from large investment banks with significant wealth-management divisions.
“There is a seismic shift taking place in the investment banking industry, and we see this structure better serving our clients,” said Neil Selfe, chief executive at Infor and a former banker at RBC Dominion Securities Inc. and GMP Capital Inc.
Click here to read the full story originally published on The Globe and Mail on January 31, 2020.