Winnipeg-based Wellington-Altus Financial Inc. has launched a new subsidiary, offering a suite of five global investment funds sub-advised by BlackRock Inc.
The subsidiary, Independent Advisor Solutions Inc., will be headed by Jon Kilfoyle, who joined the company in April 2023 with a mandate to focus on the firm’s custom client solutions.
According to a release, Independent Advisor Solutions’ institutional-quality funds, collectively named MiBLOX, were designed to help portfolio managers diversify their existing model portfolios globally and enhance risk-adjusted returns.
“Independent Advisor Solutions is Wellington-Altus’ natural next step in support of the advisor-led revolution towards independence underway in Canada,” Kilfoyle said in the release. “Our mission is to empower advisors and help them deliver better portfolios.”
Wellington-Altus founder and CEO Shaun Hauser previously told Investment Executive that recruiting investment counsel portfolio management (ICPM) businesses is a priority for the firm.
In August, Wellington-Altus acquired investment management firm Wickham Investment Counsel Inc., of Hamilton and Burlington, Ont., adding about $200 million to the firm’s assets.
And last month, the company established a credit facility to provide it with capital to keep adding advisor teams and making acquisitions.
Wellington-Altus’ assets under administration (AUA) reached $35 billion as of Aug. 31, 2024. The firm’s stated goal is to reach $50 billion in AUA by the end of November 2026.