New firm will rank second-biggest among non-bank capital markets companies
Echelon and PI Financial have announced a merger that will result in the creation of a "truly special combined firm". The deal is expected to be completed in early 2024, but in the meantime, both companies will continue to operate separately.
According to a press release, the merger will be an equal one, with a change in ownership to common stock and the subsequent consolidation of activities. This will result in the creation of a genuinely national independent corporation that is ready for further expansion.
The merger is expected to create a company with over 550 employees, more than 200 advisors, and combined assets under management of approximately $12 billion. The combined business will have more size, more in-depth knowledge and experience, and improved services, allowing it to take advantage of new possibilities and add value for both clients and workers. In addition, the combined capital markets franchise will be the second largest among Canadian non-bank capital markets companies.
"This is an important milestone worth celebrating as we continue toward our ultimate objective of creating a new and truly special combined firm," said David Cusson, CEO of Echelon. "Now the real work begins. We started with a shared vision of the combined firm, and we are now focused on bringing that vision to life."
Echelon Wealth Partners Inc., headquartered in Toronto, Ontario, is a leading independent wealth management and capital markets company with over 60 advisor teams and $20 billion in capital raised in the previous six years. The company was founded in 2010, and it has since grown to become one of the leading independent investment firms in the country.
PI Financial Corp., on the other hand, is a Vancouver-headquartered investment dealer with a focus on retail brokerage services, investment banking, and corporate finance. The company was founded in 1982 and is known for its entrepreneurial spirit and its commitment to providing personalized service to its clients.
Jean-Paul Bachellerie, Chairman and CEO of PI, said, "In the upcoming months, our teams will be exploring how we can best leverage our complementary services and skills to build a new, independent firm that will continue to achieve profitable growth. Through a focus on delivering exceptional client service and a proactive approach to identifying opportunities, we will build a successful national firm with our new partners."
The new entity will have a strong presence in key Canadian cities, including Toronto, Vancouver, Calgary, and Montreal, and it will be well-positioned to serve clients across the country. The new company will also benefit from enhanced scale, which should help to improve efficiency and reduce costs.
