Canaccord Genuity Wealth Management has taken yet another piece of CIBC Woody Gundy’s pie with the acquisition of an Ottawa-based advisory team that manages $1-billion worth of client assets.
The acquisition of the Sutherland Investment Group also marks the launch of Canaccord’s Ottawa office.
“We’re excited to welcome the Sutherland Investment Group to our growing team and to establish our presence in Ottawa,” said Matt Cicci, head of Canaccord’s private client group, in a release.
“Expanding into Ottawa marks a significant milestone that allows us to enhance our service to clients in the capital region, underscoring our commitment to providing Canada’s top advisory teams with a platform that empowers them to deliver exceptional value to their clients.”
The Sutherland Group is led by portfolio manager and investment advisor Fraser Sutherland, who said in the release that his team made the move to Canaccord because it saw in the firm an “entrepreneurial culture and a tech-forward platform that enables us to elevate our client offering.”
Stuart Raftus, CEO of Canaccord Genuity Corp., said the recent addition of multiple advisory teams to Canaccord “demonstrates our platform’s appeal to elite advisors.”
“In the competitive wealth management advisory channel, top advisors are actively seeking a platform and environment that empowers their teams to deliver on the complexities of their value propositions and achieve the client outcomes they aspire to,” Raftus said in the release.
Canaccord’s total assets under administration surpassed the $40-billion mark earlier this year.
Total client assets in Canaccord’s global wealth management business, which encompasses its operations in Canada, Australia, as well as the U.K. and Crown Dependencies, grew to a new firm high of $110 billion in its latest fiscal quarter.