Independent dealer continues aggressive expansion with deal for Vancouver firm
Harbourfront Wealth Management Inc. has bolstered its ranks by acquiring the private wealth division of Vertex One Asset Management Inc.
Terms of the deal between the two Vancouver-based firms were not disclosed and it remains subject to regulatory approval.
Dave Wallin, vice president of Vertex One’s private wealth division, will join Harbourfront along with the rest of Vertex One’s private wealth team. Wallin will retain oversight of Vertex One’s private clients, which include family offices and high net-worth families.
Last year, Harbourfront grew its assets under management by more than 80% and, in 2020, the firm hopes to add an additional $2 billion in assets.
In August 2019, Vancouver-based PenderFund Capital Management Ltd. acquired five investment funds from Vertex One. PenderFund had been appointed as sub-advisor for three of the funds in July 2019. Later last year, Toronto-based Picton Mahoney Asset Management acquired five hedge and alternative investment funds from Vertex One.
