Atlanta-based OneDigital has acquired Montreal wealth manager PWL Capital, the firms announced Thursday. The acquisition gives the insurance, financial services and HR consulting company an initial presence in Canada, with nearly 100 employees, 2,500 client families and $5.5 billion in assets under management.<\/p>\n
PWL will operate as an independent subsidiary of OneDigital.<\/p>\n
\u201cWe want to continue creating an enterprise where it\u2019s all about coming to market with one offering, one planning philosophy, one investing philosophy \u2026 as opposed to a collection of advisors that don\u2019t necessarily share the same philosophy and processes,\u201d said Cameron Passmore, OneDigital chief executive officer.<\/p>\n
Since it was founded in 1996, PWL has primarily focused on index investing strategies.<\/p>\n
\u201cMarkets do a great job at delivering returns and with the evolution of investments that track different parts of the market, there\u2019s really no need to pick active managers in our opinion, especially for the vast majority of typical Canadians who might be saving for retirement,\u201d Passmore said.<\/p>\n
Most of OneDigital’s 5,000 employees are in employer-sponsored benefits, HR solutions, property and casualty insurance or other units. It entered the wealth management business four years ago, and has approximately\u00a0US$14 billion in AUM.<\/p>\n
\u201cPWL brings an exceptional team with deep expertise in wealth management,” OneDigital cofounder and chief growth officer Mike Sullivan said in a release. “Together, we\u2019re poised to bring more systematic, client-first financial solutions to Canadians.\u201d<\/p>\n
Passmore said OneDigital has completed around 200 acquisitions in the past 15 years.<\/p>\n
\u201cThere\u2019s lots of firms \u2014 practices, teams, advisors \u2014 in Canada that I believe, as they wrestle with succession, they\u2019ll be looking for a great home for their clients and for their team,\u201d Passmore said.<\/p>\n
In a release, OneDigital said it plans a \u201clong-term expansion into Canada.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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