A pair of Canadian wealth management houses have merged.

Cape Cove, the portfolio management firm based in Montreal, has acquired WealthTerra Capital Management, a business based in Western Canada.

The deal has been cleared by the Alberta Securities Commission and the Autorité des marchés financiers.

Financial terms of the transaction were not disclosed. This news service is clarifying data on assets under management and may update in due course.

Nadine Wellwood, who leads the WealthTerra team, continues with Cape Cove as an advisor and takes the role of executive vice president for western Canada. Her primary role is building out the client base in Alberta and British Colombia. She is a Level 1 certified financial planner and holds the Chartered Investment Manager designation.

“When we decided to increase our presence in Western Canada, we were targeting potential suitors that had the same values as Cape Cove. We found exactly that in Nadine Wellwood and her WealthTerra team,” Cape Cove’s president and CEO Robert Audet, said.

Audet himself is a 30-year veteran of the wealth industry, having worked at Toronto Dominion Bank, UBS, Crédit Lyonnais, Royal Bank of Canada, and National Bank of Canada.