Rockwater Capital Corp. today announced that it successfully completed the acquisition of the Private Client business of Yorkton Securities Inc. effective January 1, for approximately $23 million.
Yorkton’s Private Client Group is to begin operating immediately under the banner of First Associates Investments Inc., Rockwater’s full service investment dealer subsidiary.
First Associates now has more than $3.4 billion in assets under administration and over 500 employees including 228 investment professionals located in 11 centres from coast to coast.
“The acquisition of Yorkton’s Private Client Group represents the fourth, and most significant transaction completed by Rockwater since changing our strategic direction in May 2002,” said Robert Schultz, chairman of Rockwater and First Associates.”
“We are committed to building First Associates into the firm of choice for Canada’s most discerning investors and their Investment Advisors. Providing our employees with the independent and entrepreneurial environment they need to do their best work for clients is setting us apart in the market,” said Bill Packham, president and CEO of Rockwater and First Associates.
William Fulton, president and COO of Yorkton will become Deputy Chairman and COO of First Associates as well as COO of Rockwater. Bill Sacre will join Colman O’Brien as co-head of First Associates’ Private Client Group.
Clients of Yorkton’s Private Client business will experience no change to their advisory relationship as a result of the transaction.
In conjunction with the acquisition, Rockwater reserved 12,700,000 common shares to be issued as retention awards to former Yorkton private client employees who joined First Associates.