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Staying The Course at Richardson GMP

Industry Leadership - We continue to believe there is significant opportunity for growth for a differentiated independent Canadian Wealth Management firm with scale that is not conflicted in the provision of advice and unbiased product solutions.


We knew early on that we had something special in Richardson GMP. Over the years, this was independently confirmed by the multiple expressions of interest to acquire this coveted asset and the seventh consecutive year being ranked as the top overall firm in the Investment Executive’s Annual Brokerage Report Card. The business evolved to become Canada’s largest independent franchise. From inception in 2009 to present day, client assets grew from $11 billion to over $29 billion. By any measure, Richardson GMP is a top-tier wealth management firm.

This remarkable growth is not only a testament to the quality of the Richardson GMP business but also the success of the strategic partnership between GMP, James Richardson & Sons, Limited, and Richardson GMP’s advisors. This past year, we spent a considerable amount of time exploring alternatives for our ownership interest in that business, including monetization via the sale to a third party. Richardson GMP’s management had already transformed the cost side of the business; however, through this process we discovered further business optimization potential. In that context, we concluded that there was significant value in staying the course with our partners at Richardson GMP. We continue to believe there is significant opportunity for growth for a differentiated independent Canadian Wealth Management firm with scale that is not conflicted in the provision of advice and is product agnostic.

(Photo from left to right): Andrew Marsh, President and Chief Executive Officer, Elliot Muchnik, Chief Financial Officer