The Globe and Mail reports in its Wednesday, May 6, edition that GMP Capital
($5.01) is likely to commence fielding
questions about the future of
Richardson GMP, its wealth management
arm.
The Globe's Tim Kiladze writes that the asset manager, a third of
which is owned by the independent
dealer, is one of the last remaining
vestiges of the era before
banks came to dominate wealth
management. Canada's Big Six
lenders have all but scooped up
all of Canada's independent
money managers over the past
decade. However, Richardson
GMP and a few others,
such as Gluskin, Sheff + Associates
and the wealth arms of Canaccord
Genuity and Raymond
James, have stayed true to their
non-bank roots.
With GMP now struggling
again there
are questions brewing about its
wealth arm. The last time Richardson
GMP garnered so much attention
was in the summer of
2013, when it acquired Macquarie
Private Wealth, boosting its total
assets under management to $28-billion.
These assets amount to about
the same value today, which
means GMP Capital could arguably
fetch $150-million to $200-million for its 33-per-cent interest in
Richardson GMP. The Globe pegs the value at $600-million for all of
Richardson GMP.
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