Such a deal adds to a run of M&A transactions in North American wealth management involving Canadian businesses.

Guardian Capital Group, the Toronto-listed business, has agreed to buy the Canadian wealth management business of Bank of New York Mellon, adding $5.5 billion in assets under advisement. 

The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021. Financial terms weren’t disclosed in the statement from Guardian Capital yesterday. 

Such a deal adds to a run of M&A transactions in North American wealth management involving Canadian businesses. CI Financial, for example, has bought a raft of US wealth management businesses this year.

The business unit that Guardian Capital is buying is called BNY Mellon Wealth Management, Advisory Services. A large part of its clients are ultra-high net worth individuals.

“WMAS is a quality organization that complements our approach and values. Our heritage of working with ultra-high net worth families, and the consistency of our approach and principles will pave the way forward together,” George Mavroudis, president and chief executive, Guardian Capital, said. 

Guardian Capital was founded in 1962, operating in asset management and financial advisory, and at September 30, 2020, it had C$32.7 billion ($25.7 billion) of assets under management and C$20.8 billion of assets under administration.

(FWR is seeking to clarify whether the acquired Canadian business AuA figure is in Canadian or US dollars, as this was not immediately clear from the statement yesterday.)