Vancouver wealth management firm Harbourfront Group is continuing its expansion across Canada with today's announcement of the acquisition of Quebec-based Rothenberg Wealth Management.
It is the second acquisition in recent months for the Vancouver wealth management company. Earlier this year, in June, Harbourfront also acquired Alberta’s Cornerstone Fiduciary Wealth Management for an undisclosed amount.
The acquisition of Rothenberg Wealth Management brings with it a registered investment dealer under the Canadian Investment Regulatory Organization (CIRO) and a guaranteed investment certificate dealer, Harbourfront said in a news release.
As part of the transaction -- a cash and stock deal -- Harbourfront is acquiring Rothenberg and Rothenberg Annuities – Rothenberg’s life insurance and annuities company.
In its news release, Harbourfront says the value of the CIRO dealer is $1.2 billion in assets under administration.
The latest acquisition brings Harbourfront’s assets under administration to roughly $8 billion, and expands its presence in Québec and Alberta.
“Acquisitions of high-quality firms like Rothenberg will continue building our momentum as a leader among independent wealth firms,” Harbourfront CEO Danny Popescu in a news release.
Harbourfront has more than 30 wealth management advisory branches across Canada, and also operates in the U.S. as Harbourfront Wealth America.
