The basis of the partnership is that a subsidiary of Matrix will be able to acquire equity interests of First Affiliated Holdings and First Affiliated Securities over a period of time if the multi-family office meets certain conditions. Matrix has also agreed to provide growth capital to First Affiliated Holdings, but no further details will be disclosed at this stage.

Matrix’s chief executive, David Levi, said in a statement that the firm has been searching for the right opportunity in the high net worth market, and the company also said that it is exploring more acquisitions opportunities in the space.

Matrix has about C$2.3 billion in assets under management and offices across Canada.

First Affiliated is described as an independent and fee-based firm with low client to advisor ratio.