Transaction will add more than $5.5 billion in assets and expand firm's ultra-high-net-worth capabilities
Guardian Capital Group has announced an agreement with The Bank of New York Mellon Corporation under which Guardian will acquire BNY Mellon’s Canadian-based wealth management business.
With the acquisition of BNY Mellon Wealth Management, Advisory Services (WMAS), Guardian is adding more than $5.5 billion of assets under management, a substantial portion of which relates to assets administered on behalf of ultra-high net worth families.
“We are excited to have WMAS join Guardian. WMAS is a quality organization that complements our approach and values,” said Guardian President and CEO George Mavroudis. “Our heritage of working with ultra-high net worth families, and the consistency of our approach and principles will pave the way forward together.”
Guardian will also expand its core wealth management capabilities in the ultra-high net worth and family office segment, as it benefits from WMAS’s pioneering experience in creating the multi-family office and endowment service in Canada.
“We believe Guardian Capital will be a great steward to help invest and grow the WMAS business,” said Catherine Keating, CEO of BNY Mellon Wealth Management. “WMAS’s leadership in investment advice and OCIO services supported by Guardian’s 60-year track record in asset and wealth management are a compelling combination for our Canadian clients and colleagues.”
The transaction is anticipated to close in the first quarter of 2021, subject to regulatory approvals.
