By Corrie Driebusch
NEW YORK--Dynasty Financial Partners and Canadian wealth
management firm Richardson GMP of GMP Capital Inc. (GMP.T) are
forging ties to provide cross-border access to each other's
products and services.
The strategic relationship comes as some other Canadian banks
and independent firms have been purchasing U.S. wealth management
players to gain market access and clients south of the border.
Canadian Imperial Bank of Commerce (CM, CM.T), Canada's
fifth-largest bank, for instance, has purchased a stake in asset
manager American Century Investments, and will be buying up
boutique wealth player Atlantic Trust Private Wealth Management
from Invesco Ltd. (IVZ) to bolster its wealth-management business
in the U.S.
"In today's world of highly mobile professional athletes,
entertainers and entrepreneurs, the ability to provide a complete
North American wealth management solution is essential," said Todd
Thomson, Dynasty's chairman, in a statement.
Richardson GMP is an independent wealth management firm with
more than 150 financial advisers and $15 billion in client
assets.
Dynasty, a network of independent financial advisers launched in
late 2010, has 17 firms across the U.S. advising more than $16
billion in client assets. The firm provides these independent
adviser teams access to a platform for trading, clearing, research
and other support services. While it does offer financing options
for advisers setting up and growing their own firms, it does not
own the advisers' firms and the advisers are not employees of
Dynasty.
-Evelyn Juan contributed to this article
Write to Corrie Driebusch at corrie.driebusch@dowjones.com
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