Guardian Capital Group Limited acquires majority interest in private wealth manager Rae & Lipskie Investment Counsel Inc.
June 27 2022 - 03:33PM
Guardian Capital Group Limited ("Guardian") (TSX:GCG) (TSX:GCG.A)
and Rae & Lipskie Investment Counsel Inc. (operating as “The
RaeLipskie Partnership”) today announced that they have reached an
agreement under which Guardian will acquire a majority interest in
The RaeLipskie Partnership, a private wealth manager based in
Waterloo, Ontario.
Under the agreement, Guardian will acquire a 60%
ownership interest in The RaeLipskie Partnership. The transaction
is expected to close in Q3 2022, subject to regulatory approvals
and customary closing conditions. Current employees of The
RaeLipskie Partnership will retain the remaining 40% ownership
interest.
“We're delighted to partner with such a
well-respected firm and management team as we continue to grow our
presence in the private client wealth space,” said George
Mavroudis, Guardian’s President and Chief Executive Officer. “This
transaction will add over $1 billion in assets under management to
our Private Wealth segment and further extend our regional coverage
in key markets.”
"We couldn’t be more pleased to join the
Guardian group of companies," said Brian Lipskie, President &
COO, The RaeLipskie Partnership. “Like Guardian, we have always
believed in serving our clients with a customer-first and
community-based approach to everything we do. We look forward to
continuing to do so, but with the added strength and stability that
comes from partnering with Guardian.”
For further information, please contact:
Angela Shim(416) 947-8009
To contact Investor Relations:
investorrelations@guardiancapital.com
About Guardian Capital Group
Limited Guardian Capital Group Limited (Guardian) is a
diversified, global financial services company operating in two
main business segments: Investment Management and Wealth
Management. As at March 31, 2022, Guardian had C$53.1 billion of
assets under management and C$30.5 billion of assets under
administration, while managing a proprietary investment portfolio
with a fair market value of C$741 million as at March 31, 2022.
Guardian provides extensive investment management solutions to
institutional and private wealth clients through its subsidiaries,
while offering comprehensive wealth management services to
financial advisors in its national mutual fund dealer, securities
dealer and insurance distribution network. Founded in 1962,
Guardian’s reputation for steady growth, long-term relationships
and its core values of trustworthiness, integrity and stability
have been key to its success over six decades. Its Common and Class
A shares are listed on the Toronto Stock Exchange as GCG and GCG.A,
respectively. To learn more about Guardian, visit
www.guardiancapital.com.
About Rae & Lipskie Investment
Counsel Inc.Rae & Lipskie Investment Counsel Inc.
(“The RaeLipskie Partnership”) is a private wealth management firm
based in Waterloo, Ontario that has provided objective,
professional investment management since 1989. With assets under
management in excess of C$1.1 billion, they pride themselves in
listening to the needs and goals of their clients and designing
flexible, custom portfolios to suit each client’s investment
objectives. When you invest with The RaeLipskie Partnership, you
are partnering with a diverse and dedicated portfolio management
team that is committed to your success, with the skills and
expertise to help you meet your investment objectives. Their team’s
mission has remained clear since inception – protect, enhance and
oversee their clients’ capital. To learn more about The RaeLipskie
Partnership, please call (519) 578-6849 or visit
www.raelipskie.com.
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