Matrix Asset Management Inc has entered into a strategic arrangement with First Affiliated, a Canadian Multi-Family Office (MFO) providing integrated wealth, lifestyle and legacy management services to affluent families and business owners.
A wholly owned subsidiary of Matrix has been granted options to acquire equity interests of First Affiliated Holdings Inc. and First Affiliated Securities Inc. exercisable over a period of time and subject to certain terms and conditions. Matrix has also provided growth capital to First Affiliated Holdings Inc.
First Affiliated adds a new and complementary aspect to Matrix’s already established wealth management business. The First Affiliated team will continue to serve its clients in an independent and objective manner. Matrix’s strategic arrangement with First Affiliated will serve to broaden their capabilities and aims to expand their MFO services nationally.
"Matrix has been searching for the right opportunity in the high net worth space," says David Levi (pictured), CEO of Matrix Asset Management Inc. "We recognised First Affiliated as one of the preeminent "MFO’s" in the industry and we see this as an opportunity to play a role in providing something unique and valuable to Canadian high net worth clients and business owners. We are thrilled to be joining forces with First Affiliated, to collectively focus on growing their business in the Multi-Family Office industry across Canada."
A privately owned firm since 1989, First Affiliated spearheaded the development of the independent MFO in Canada. Using the MFO platform, First Affiliated serves its clients by acting as the "Family CFO" to coordinate efforts with the client’s existing advisors and provide integrated solutions which optimise and simplify their financial affairs. First Affiliated is independent, fee based and does not sell any product – putting them in a unique position to offer unbiased and objective advice. Their boutique nature with low client to advisor ratios allows truly personal interaction and service – guided by each client’s values and aspirations. The ultimate goal is to preserve wealth, empower family prosperity and build lasting legacies.
"Matrix is the perfect business partner to help grow First Affiliated," says Chris Clarke, Director, President and Founder of First Affiliated Holdings Inc. "There are numerous synergies for our clients and we look forward to working collaboratively with the professionals at Matrix. We remain committed to continuing to provide extraordinary service to our existing clients while exploring these synergies."