Canadian Wealth Manager Hails C$30 Billion AuA Milestone

Editorial Staff

24 May 2024

Canada’s Wellington-Altus – a wealth management firm interviewed by this news service in March – has surpassed the C$30 billion mark for assets under administration, about $20 billion more than its 2020 figure.

Wellington-Altus has a medium-term goal of reaching $50 billion of AuA.

The business was founded in April 2017 with a view to disrupting traditional wealth management in Canada, a sector that has been dominated by large banks. In some ways, the Canadian wealth industry lags behind that of its US neighbor, according to Shaun Hauser , founder and CEO.

In December 2023, the business – headquartered in Winnipeg, Manitoba – obtained C$40 million in a second-round growth equity investment from Salt Lake City-based The Cynosure Group, a private equity firm. Cynosure previously invested in the firm in 2021. In early January this year, Wellington-Altus appointed Steph Condra as chief experience officer.

Wellington-Altus has more than 110 advisor teams, 820 employees and 53 offices in Canada. Most of the shares in the company are held internally.