Firms announce a strategic alliance they believe will give them ‘scale, expertise and depth of talent’ to be top choice for investors
Independent firms Richardson GMP Limited and Cormark Securities Inc. have announced a “strategic alliance” that they believe will elevate both businesses.
In a press release, the companies said the partnership will give Richardson GMP’s advisors and their extensive high net worth clientele preferred access to Cormark’s industry-leading research and new investment issues and ideas. The deal will also allow Cormark's marquee issuer clients and institutional investors to benefit from close collaboration with Richardson GMP's growing network of professional, experienced and knowledgeable investment advisors who are amongst the best in the country.
Andrew Marsh, president and CEO of Richardson GMP, said: "We have spent the last several months searching for an ideal partner to help us better serve our advisors’ need for high-quality research and unique investment opportunities in key market segments. In Cormark, we believe we have found that partner. They produce comprehensive research; they have excellent investment ideas and they have an ‘employee-owned’ culture that aligns with ours.
"Together, we have the scale, expertise and depth of talent to become the top choice for Canadians looking for independent firms to meet their wealth management and investment banking needs. Cormark covers over 250 companies across all market capitalizations and industry sectors, and has been ranked #1 in Canada by institutional investors.
“Over the past decade, they have been involved in over 1,000 financings valued at approximately $100 billion and have advised on almost 150 transactions valued at approximately $30 billion."
Scott Lamacraft, CEO of Cormark, said: "Richardson GMP is an award-winning firm with over $28 billion in client assets under administration managed by 165 professional investment advisory teams operating out of 20 locations across Canada.
“We are excited about this new relationship and are confident that the powerful alliance between our firms leverages our respective strengths to dominate and capitalize on the growing opportunities in the fast-changing independent landscape for years to come."
The strategic alliance also contemplates considerable cross-referral opportunities.