By Chris Glynn
NFP Canada has acquired a Toronto
private wealth manager before the Fourth of July weekend, according to a press
statement.
The company said it purchased $4.3
billion Newport Private Wealth Management, a registered investment
advisor with 70 employees founded in 2001.
In its statement, National Financial
Partners Corporation, or NFP – owner of NFP Canada – did not reveal the
cost of obtaining Newport Private Wealth. Joshua Wozman, head of
corporate communication for NFP in Los Angeles, did not respond to an email.
John Haas, president of NFP
Canada, said in a statement that Newport Private Wealth “squarely aligned with
its North America private wealth business.” A phone call as well as an email
sent to Mark Kinney, cofounder and chief investment officer of Newport
Private Wealth, were not returned.
Opened in 1998, NFP – as well as
NFP Canada, which launched in 2008 – is a life insurance broker-dealer as well
as retirement consultant with a growing presence in private wealth management.
Chicago private equity firm Madison Dearborn Partners took NFP private in
July 2013, offering $1.3 billion, or $25.35 per share.
MDP, with $25 billion under
management, has repositioned NFP as a serial RIA acquirer. In October 2019, NFP
bought Wealthspire Advisors, a recombined RIA of both previously
acquired Bronfman Rothschild as well as Sontag Advisory.
With $17 billion under management,
Wealthspire Advisors under NFP bought $2.1 billion Lennox Wealth Advisors
in January 2022, $2.7 billion Private Ocean Wealth Management in November
2021, and StratWealth in October 2020.
