June 18, 2019
BNN Bloomberg
GMP Capital Inc.’s (GMP.TO) deal with Stifel Financial Corp. (SF.N) will eventually yield a “pure play” Canadian wealth manager that aims to double its assets over time.
GMP Capital will use proceeds from the $70 million sale of its capital markets unit to Stifel and $198 million of working capital to invest in wealth management. The plan, if approved, includes acquiring the two-thirds of the Richardson GMP money manager it doesn’t already own from its advisers and James Richardson & Sons Ltd. of Winnipeg, Manitoba.