Toronto-based Cardinal Point Wealth Management Inc. has acquired Seabank Capital Management Inc., headquartered in Vancouver, the two firms announced Thursday.
The acquisition of Seabank makes sense, according to Jim Sheldon, CEO of Cardinal Point, because of the similar cultures between the two companies and the ability for each firm to expand its service offering to its cross-border clientele.
“We just felt that with our fire power on the planning side and our long standing experience on both sides of the border that the acquisition of Seabank was very complimentary to both companies,” says Jim Sheldon, CEO, Cardinal Point.
Cardinal Point is a fee-only financial planning firm specializing in helping high-net worth individuals with U.S. and Canadian ties with their domestic and cross-border needs. The financial planning firm is part of the Cardinal Point Group of Families, including Cardinal Point Wealth Management LLC, based in the U.S.
Seabank is a boutique investment firm with expertise in cross-border advice and investment management services to citizens and ex-patriots in Canada and the U.S. The firm is registered as a portfolio manager in Canada and an investment advisor in the States.
At the moment, Sheldon says it is still not clear what changes, from a management and operational position, may result from the acquisition. “It’s early days,” he says. “In an acquisition the first thing you do is integrate the two companies and there are always surprises – pleasant surprises in this case.”
As a result of the purchase of Seabank, Cardinal Point now has offices in Toronto, Calgary and Vancouver. The firm’s U.S. affiliate has offices in Irvine, Calif. and Boca Raton, Fla.