Newport Wealth's leadership team will work with NFP to expand its asset management capabilities
One of Canada’s largest private wealth management firms has become part of an organization with a headcount 100 times its size.
Newport Private Wealth has been acquired by US firm NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor.
The deal joins Toronto-headquartered Newport - which has 70 employees and additional offices in Waterloo, Kingston, Calgary, and Kelowna – with the greater reach of NFP which has 6,900 global employees.
Founded in 2001, Newport has assets under management (AUM) of around $4.3 billion, less than 10% of the larger firm’s total AUM, but Doug Hammond, chairman and CEO of NFP, says the Canadian business has an important role to play.
“The addition of Newport strategically expands NFP’s North American wealth management presence by adding one of the leading organizations and platforms in the space,” he said. “This exceptional addition for NFP, which brings our total assets under management to nearly $50 billion, aligns with our focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients.”
The existing leadership team at Newport will help drive expansion in NFP’s wealth management operation with an expansion of the Newport Wealth Management brand, aided by talent recruitment.
Client experience
Founding directors of Newport, Douglas C. Brown, president and CEO; Mark A. Kinney, chief investment officer; and David T. Lloyd, chief wealth management officer, will all remain with the company along with other senior leaders.
Brown says that joining NFP will be good for clients and the firm.
“With NFP, Newport will enhance the client experience, with access to additional resources and expertise that will elevate the value we provide,” he said. “NFP shares our commitment to our clients, employees, partners and brand. We’re excited to bring personalized and expert wealth management services to even more communities as we grow.”
John Haas, president of NFP in Canada, says Newport will add tremendous value to the firm.
“Newport has differentiated itself in the marketplace by building an investment platform focused on serving clients who want greater control of their wealth,” he said. “By providing a unique private wealth management offering and personalized service experience for clients, Newport squarely aligns with the strong foundation NFP has built in our North American wealth management business.”
The transaction closed on June 30, 2022.
