GMP’s Stifel deal gives rise to ‘pure play’ Canadian wealth firm

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.

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