Vancouver-based Harbourfront Wealth Group will acquire Cumberland Partners Ltd. and its subsidiaries Cumberland Private Wealth Management, Cumberland Investment Counsel and NCM Investments, Harbourfront announced Thursday.<\/p>\n
Cumberland was founded in 1997 as an employee-owned wealth and investment management firm, and has about $5 billion in assets under management. The acquisition will grow Harbourfront\u2019s presence in Toronto, Calgary and Kingston, Ont.<\/p>\n
Danny Popescu, founder and executive chair at Harbourfront, said in an interview that the firms have been in touch for more than two years and recognized a mutual fit. \u201cWe see a lot of firms that wouldn\u2019t be a good fit, [but Cumberland] is a great cultural fit.\u201d<\/p>\n
All Cumberland advisors will become partners in Harbourfront, including those who weren\u2019t previously partners at Cumberland, Popescu added. Cumberland advisors will have access to Harbourfront\u2019s technology and additional services like lead generation and marketing for growth.<\/p>\n
Cumberland\u2019s branch network will remain the same, as will how advisors serve their clients, Popescu said. \u201cWe very much like what they\u2019re doing from a portfolio management perspective.\u201d<\/p>\n
Harbourfront did not disclose the deal\u2019s terms.<\/p>\n
This is Harbourfront\u2019s fifth acquisition in three years. Last July, it\u00a0bought\u00a0Ottawa-based Millar Private Wealth Management Inc.<\/a>, which brought $800 million in client assets, following its purchase of Toronto-based Harrison & Partners<\/a>\u00a0in April.<\/p>\n