MacDougall, MacDougall and MacTier Inc., known as 3Macs, has received unanimous approval from its shareholders for Toronto-based Raymond James Ltd. to acquire the Montreal-based wealth-management firm.<\/p>\n
All of 3Macs’ 72 investment advisors have also signed retention agreements to stay on with the firm once the purchase is official, which is expected to be Aug. 31, according to an announcement the two firms released on Monday.<\/p>\n
In addition to the move of 3Macs’ advisory force, the merger means the transfer of more than $6 billion of client assets, which would lead to a combined total of more than $34 billion in client assets under administration being managed by 440 advisors and portfolio managers. The firms have stated that this will create Canada’s largest independent investment dealer.<\/p>\n
Although 3Macs will become a division of Raymond James, it will continue to operate under the 3Macs brand following the acquisition.<\/p>\n
Key members of 3Macs’ management team will remain under the leadership of Randy Ambrosie, president and CEO of 3Macs. Ambrosie will report to Paul Allison, chairman and CEO of Raymond James Ltd. Tim Price, 3Macs’ chairman, will join Raymond James’ board of directors.<\/p>\n
The acquisition is a key element of Raymond James’ Canadian expansion strategy, said Allison during a conference call following the initial announcement on May 26.<\/p>\n
“[The move allows] us to really be able to build our business in the province of Quebec,” he said at the time. “The addition is very strategic for our business and really does take Raymond James to a new level [of] being very much a national firm with offices now from coast to coast.<\/p>\n