Independent investment management firm Fiera Capital has inked an agreement to acquire with Canadian Wealth Management (CMW), a Société Générale private banking subsidiary in Calgary, for an undisclosed sum.
After completion of the transaction, CWM operations will be consolidated into existing business of the firm’s private wealth, boosting the acquirer’s market share in Canada’s investment industry, particularly in the western part of the country.
Fiera Capital Private Wealth executive vice president Merri Jones said, "The transaction fits perfectly with our plan of building a premiere private wealth platform focused on managing wealth for high net worth individuals across Canada."
"Expanding our presence in western Canada has been a key strategic priority for some time now and CWM, along with its highly skilled team of professionals, provides an excellent base from which to accelerate our growth in the region."
The deal is expected to complete during the fourth quarter of 2012, subject to customary conditions, including regulatory approval.
Serving clients in western Canada for more than 30 years, CWM manages assets for high net worth individuals, families, endowments, and foundations.