New York–based NFP Corp., a global property and casualty broker and wealth manager, has acquired Newport Private Wealth Inc., the broker said in a release on Thursday.
Newport is a Toronto-based private wealth management firm with about $4.3 billion in assets under management (AUM) and additional offices in Ontario, Alberta and B.C.
“The addition of Newport strategically expands NFP’s North American wealth management presence by adding one of the leading organizations and platforms in the space,” said Doug Hammond, NFP’s chairman and CEO, in the release.
The acquisition brings NFP’s AUM to nearly $50 billion, Hammond said.
Newport will continue to operate under the Newport Private Wealth brand, and its senior leadership team will remain at the helm, including the company’s three founding partners: Douglas Brown, president and CEO; Mark Kinney, chief investment officer; and David Lloyd, chief wealth management officer.
“With NFP, Newport will enhance the client experience, with access to additional resources and expertise that will elevate the value we provide,” Brown said in the release.
Newport will work with NFP’s leadership team to recruit talent, integrate acquisitions and build complementary capabilities across the country, the release said.
“Newport has differentiated itself in the marketplace by building an investment platform focused on serving clients who want greater control of their wealth,” said John Haas, president of NFP in Canada, in the release.
“By providing a unique private wealth management offering and personalized service experience for clients, Newport squarely aligns with the strong foundation NFP has built in our North American wealth management business.”
NFP provides business and personal insurance, group benefits, and retirement solutions through its licensed subsidiaries and affiliates. The firm made several broker acquistions after it entered the Canadian property and casualty space in 2017. In May, NFP appointed a new executive leadership team in Canada.