Nationwide Money Associates Corporation (NFP) announced that it has obtained the Toronto-primarily based wealth management team Newport Personal Wealth. The offer delivers NFP’s overall belongings below administration to $50 billion.
“The addition of Newport aligns with our concentrate of growing our prosperity management business enterprise and delivering a lot more methods to satisfy the various requires of clients,” stated Doug Hammond, chairman and CEO of NFP, in a information release. “It strategically expands NFP’s North American prosperity management existence.”
Set up in 1999, NFP specializes in enterprise and personal insurance coverage, retirement planning, and benefits consulting. The business has regional direct places of work in Washington, D.C., Chicago, San Francisco, and Toronto, which include its headquarters in New York City.
Newport Personal Wealth, headquartered in Toronto, is 1 of Canada’s greatest non-public wealth management companies, according to NFP’s launch. It was started in 2001 and has workplaces in Waterloo, Kingston, Calgary and Kelowna.
The 70-individual business will proceed to function below the Newport brand name, retaining its senior administration and leadership, like the three founding partners—Douglas C. Brown, president and CEO, Mark A. Kinney, main financial commitment officer, and David T. Lloyd, chief wealth administration officer. The transaction shut on June 30.
NFP has been on an expansion spree. In this year’s 2nd quarter it has obtained various companies. Previous month, it was Dublin-based Simon Shirley Advisors Minimal (SSA), a boutique economical advisory firm. In April, NFP announced its acquisition of an additional Eire-based mostly group, ReSure Corporate Brokers, a professional insurance coverage broker.