Guardian Capital Group Limited (Guardian) is to acquire BNY Mellon Wealth Management, Advisory Services (WMAS), BNY Mellon’s Canadian-based wealth management business.
The acquisition adds more than CAD5.5 billion of assets under advisement, of which a large portion relates to assets administered on behalf of ultra-high net worth families, and expands Guardian’s current core wealth management capabilities in the ultra-high net worth and family office segment. WMAS was a pioneer in creating the multi-family office and endowment service in Canada, and Guardian is proud to be continuing this rich tradition. Guardian’s long standing presence and commitment to serving the needs of investors in Canada complement the history established by the BNY Mellon Wealth business and its predecessors.
“We are excited to have WMAS join Guardian. WMAS is a quality organisation that complements our approach and values. Our heritage of working with ultra-high net worth families, and the consistency of our approach and principles will pave the way forward together,” says George Mavroudis, President and Chief Executive Officer, Guardian. “We continue to look for ways to enhance our offering to this underserved market segment, and this transaction underscores our growth strategy.”
“We believe Guardian Capital will be a great steward to help invest and grow the WMAS business,” says 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.”
Guardian is acquiring the Toronto-based business from Mellon Canada Holding Company, a subsidiary of BNY Mellon, a global investment company based in New York. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021.