"The new members of our team will continue to enjoy a high degree of autonomy and will be able to pursue various business models, including the separately managed accounts platform (SMAs) that we are incorporating into own portfolio management program," added John Cucchiella, senior vice president and head of retail at Dundee Goodman.
Under the agreement, Dundee Goodman will take over the former Macquarie Private Wealth offices in Ottawa, Montreal and Victoria, B.C. A more limited transfer of investment advisors will take place from Richardson GMP offices in Vancouver, Calgary and Toronto to Dundee Goodman's offices in those cities. Senior Dundee Goodman executives will travel to all six cities over the next week to explain details of the transaction and address questions and concerns.
Robert Sellars, executive vice president, chief financial officer and chief operating officer of Dundee Goodman said: "We at Dundee Goodman envisage a seamless transition for our new investment advisors and their clients as we work to make them feel welcome in their new surroundings to our mutual benefit. At the same time, they will gain from Dundee's diverse wealth management products and extensive support systems already available to our existing team."
The transaction is expected to be completed in March, subject to a number of closing conditions, including regulatory approval from the Investment Industry Regulatory Organization of Canada (IIROC). The investment advisors joining Dundee Goodman will remain part of the Richardson GMP organization during the transition period.