Echelon Wealth Partners acquires Dundee Securities


Echelon Wealth Partners Inc. is acquiring Dundee Securities Ltd., adding nearly $ 1 billion in assets under management and management.

Toronto-based Echelon said on Friday morning that its parent company, the Peerage Capital Group, has acquired Dundee Securities from Toronto-based Dundee Global Investment Management and will merge the company with Echelon Wealth into close From this week. Part of the deal will see two prominent advisers – Les Sherman and Steve Laciak – join Echelon.

The sale price was not disclosed and Dundee declined to comment on the acquisition.

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The deal comes three years after Dundee Securities first sold Echelon (formerly Euro Pacific Canada) its retail brokerage arm, Dundee Goodman Private Wealth. That acquisition prompted Euro Pacific to increase its total assets to $ 4.2 billion and triple its total number of directors to 78. Echelon CEO David Cusson says he was interested in the entire operation in 2015 but not was on the table. as Dundee wanted to keep a part of the fortune-management business.

Cusson says he remained in contact with the company until "the right time was right" for Dundee to approach with a second acquisition.

Dundee Goodman was a well-known name for many Canadian investors when Dundee Corp. ran a 900-person retail advisory firm, DundeeWealth, and a $ 50 billion fund management company, Dynamic Funds, both of which were sold to Bank of Nova. Scotia in 2011.

Upon completion of the deal, Echelon will have approximately 60 investment advisors and will manage more than $ 5 billion in assets.

Dundee Corp. will continue to operate the Goodman and Company investment council and Dundee's private equity.

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