GMP Capital Inc.’s deal with Stifel Financial Corp. will eventually yield a “pure play” Canadian wealth manager that aims to double its assets over time. GMP Capital will use proceeds from the $70-million sale of its capital markets unit to Stifel and $198 million of working capital to invest in wealth management. The plan, if approved, includes acquiring the two-thirds of the Richardson GMP money manager it doesn’t already own from its advisers and James Richardson & Sons Ltd. of Winnipeg. “What this will create is a pure play in wealth management and Richardson GMP will be the centrepiece of that,” Richardson GMP chief executive officer Andrew Marsh said Monday in a phone interview. Montreal-based Fiera Capital Corp., Toronto-based CI Financial Corp. and AGF Management Ltd. are among non-bank owned financial firms with wealth operations.

Source: thestar June 18, 2019 17:36 UTC