Atlanta-based OneDigital has acquired Montreal wealth manager PWL Capital, the firms announced Thursday. The acquisition gives the insurance, financial services and HR consulting company an initial presence in Canada, with nearly 100 employees, 2,500 client families and $5.5 billion in assets under management.
PWL will operate as an independent subsidiary of OneDigital.
“We want to continue creating an enterprise where it’s all about coming to market with one offering, one planning philosophy, one investing philosophy … as opposed to a collection of advisors that don’t necessarily share the same philosophy and processes,” said Cameron Passmore, OneDigital chief executive officer.
Since it was founded in 1996, PWL has primarily focused on index investing strategies.
“Markets do a great job at delivering returns and with the evolution of investments that track different parts of the market, there’s really no need to pick active managers in our opinion, especially for the vast majority of typical Canadians who might be saving for retirement,” Passmore said.
Most of OneDigital’s 5,000 employees are in employer-sponsored benefits, HR solutions, property and casualty insurance or other units. It entered the wealth management business four years ago, and has approximately US$14 billion in AUM.
“PWL brings an exceptional team with deep expertise in wealth management,” OneDigital cofounder and chief growth officer Mike Sullivan said in a release. “Together, we’re poised to bring more systematic, client-first financial solutions to Canadians.”
Passmore said OneDigital has completed around 200 acquisitions in the past 15 years.
“There’s lots of firms — practices, teams, advisors — in Canada that I believe, as they wrestle with succession, they’ll be looking for a great home for their clients and for their team,” Passmore said.
In a release, OneDigital said it plans a “long-term expansion into Canada.”