Winnipeg-based Wellington-Altus Financial Inc. has acquired investment management firm Wickham Investment Counsel Inc., located in Hamilton and Burlington, Ont.
Wickham, founded in 1999, has five portfolio managers and serves ultra-high-net-worth and high-net-worth clients, corporations and institutions.
The Wickham advisors have a “large care factor” for clients, said Shaun Hauser, founder and CEO of Wellington-Altus, in an interview. “That was established the first time we met them.”
Recruiting investment counsel portfolio management (ICPM) businesses has been a priority for Hauser, and Wickham adds just over $200 million to the firm’s assets.
Total assets for Wellington-Altus reached $34.5 billion as of July 31, Hauser said. Advisors registered with the Canadian Investment Regulatory Organization account for about $29 billion of those assets, private counsel now makes up about $700 million, and the rest is attributable to Wellington-Altus’ U.S. business, segregated funds and group benefits business.
The firm’s goal is to reach $50 billion in assets by the end of November 2026, Hauser said.
The firm put $125 million in capital investments to work since 2021 to attract advisors and portfolio managers.
“We’ve been fortunate enough … to have grown our business on a debt-free perspective,” Hauser said, referencing private equity sales to minority investors.
With the firm’s growth — revenues have surpassed $300 million, Hauser said — other financing options are being considered, specifically debt.
“That’s a byproduct of our success — being able to look at the different forms of finance to continue to propel our growth,” Hauser said.
Growth will continue to be focused within Canada, he said. In recent years, the firm expanded to Quebec.
“We have a really nice footprint in Montreal,” Hauser said. “We continue to refine and expand our capabilities to be completely francophone-ready.”
In January, Steph Condra (previously with BMO Private Wealth) was brought onboard as executive vice-president and chief experience officer, a role overseeing wealth planning, advisor engagement, advisor onboarding, marketing and regional management teams.
That role originated with Jordy Chilcott, Hauser said. Chilcott, former president of Wellington-Altus Private Wealth, departed about a year ago for Manulife Investment Management.
The concept behind the chief experience officer role was to emphasize delivery of customized planning advice and peace of mind, Hauser said, as opposed to urging advisors to hit sales and revenue targets.
“The model we think is successful going forward is one about advice delivery,” he said. In her role, Condra acts an advisor advocate “who’s looking to espouse the right behaviours.”
Another executive, Jon Kilfoyle, was brought into the fold last year. He came from IG Wealth Management, where he was senior vice-president of investments for more than five years. At Wellington-Altus, Kilfoyle is executive vice-president of products and platforms.
Kilfoyle will help provide “architecture options to advisors to reduce risk and enhance the portfolio journey,” Hauser said. More details on the firm’s investment offerings will be shared soon, he said.