Montreal-based Fiera Capital Corp. has reached an agreement with Société Générale Private Banking to acquire Canadian Wealth Management Group Inc. (CWM), the Calgary-based subsidiary of Société Générale Private Banking.
CWM, an integrated wealth management boutique serving clients in western Canada for over 30 years, manages assets for high net worth individuals, families, endowments, and foundations.
Fiera (TSX:FSZ) says the deal, which was announced Thursday, solidifies the firm’s position as one of Canada’s fastest growing investment managers, with assets under management of $55 billion.
By expanding deeper into the wealth management business, the combination further enhances Fiera’s distribution capabilities. The CWM operations will be fully integrated into Fiera Capital Private Wealth’s existing business.
“Our first priority will be ensuring that our existing clients are fully satisfied,” says Paul Vaillancourt, CEO and CIO of CWM. “Next, we plan to expand Fiera Capital’s private wealth platform in Alberta and across western Canada.”
“We see tremendous growth potential for the asset management and private wealth management businesses, particularly in the fast growing market of Alberta. By combining CWM with Fiera Capital Private Wealth, we are adding an experienced and talented team of professionals, with excellent knowledge of the regional market,” adds Jean-Guy Desjardins, chairman, CEO and CIO of Fiera.
“The transaction fits perfectly with our plan of building a premiere private wealth platform focused on managing wealth for high net worth individuals across Canada,” explains Merri Jones, executive vice [resident, Fiera Capital Private Wealth. “Expanding our presence in western Canada has been a key strategic priority for some time now and CWM, along with its highly skilled team of professionals, provides an excellent base from which to accelerate our growth in the region.”
Fiera’s board of directors has approved the transaction, which is subject to customary conditions, including regulatory approval. The transaction is expected to close in the fourth quarter.