It's Purpose's first acquisition of a CIRO-registered firm
Two Canadian firms are combining to create a wealth management service for those seeking an alternative to traditional banks or advisors “who may not fully understand their needs and service expectations.”
Those are the words of Tom Bradley, chair and co-founder of Steadyhand, a $1.3 billion AUM firm that is to be acquired by Som Seif’s Purpose Unlimited Inc., parent firm of Purpose Investments. Steadyhand comprises Steadyhand Investment Management and Steadyhand Investment Funds and both are part of the deal.
“Steadyhand has been pursuing new opportunities to partner with a leading firm that will create long-term value for our clients,” explained Bradley. “Purpose stood out to us because of their commitment to client-focused innovation in wealth management.”
Bradley and co-founder Neil Jensen, the firm’s CEO, launched their firm in 2006 and today serves approximately 3,900 investors. Steadyhand is CIRO-registered, marking a first for Purpose.
In a post on the Steadyhand website, Bradley gave a reassurance to his team in Toronto and Vancouver, by saying the deal would bring “new opportunities” and stating that the combination “is about building on our strengths and fulfilling our goal to better serve Canadian investors of all sizes. It’s not about cost-cutting and rationalization.”
Purpose expansion
Entrepreneur Som Seif founded Purpose in 2013 and has a long history in the Canadian investment and wealth management space including co-founding Claymore Investments, investing in Wealthsimple where he still sits on the board of directors, and beginning his career with RBC Capital Markets. In 2021, Purpose Investments was cleared to launch the world’s first Bitcoin ETF.
“Purpose is focused on improving the financial services experience through technology, innovative investment solutions, and a deep commitment to client service, so that it’s easier for Canadians to reach their financial goals,” said Seif “Tom Bradley and the Steadyhand team share our passion for exceptional client service and goal-based investing, and we’re excited to bring their team onboard to accelerate our vision to empower more people to take control of their financial futures and build lasting success.”
When the transaction closes, which is subject to the customary closing conditions including regulatory approvals, Steadyhand will amalgamate with Purpose Investments and all investment funds and portfolios managed by Steadyhand will be managed by Purpose Investments.
Steadyhand has referred the proposed transaction to the Independent Review Committee of its funds and unitholders will be asked to approve the change of manager to Purpose Investments.
“At the end of the day, the Transaction will allow our team to do what we do best—provide responsive service, personalized advice and, most importantly, a steady hand,” concluded Bradley.
