Norrep Investment Management Group to create investment firm with $4 billion in AUM
OREANDA-NEWS. February 13, 2018. Norrep Investment Management Group Inc. (“NIMG”), parent company of Norrep Capital Management Ltd. (“NCM”), is pleased to announce that it has signed a definitive agreement to merge its business with (i) that of Cumberland Partners Limited (CPL), parent company of Cumberland Private Wealth Management Inc., Cumberland Associates Investment Counsel Inc., and their related entities (collectively, “Cumberland”); and (ii) Perron & Partners Wealth Management Corp., Perron Asset Management Inc., and their related entities (collectively, “PPWM”).
The merger will result in a combined, independently owned investment management firm with approximately $4 billion in assets under management (“AUM”). NCM will continue as a separate company, focused on manufacturing, servicing and managing retail mutual fund products for use by financial advisors and their clients in Canada. With the added scale, breadth of ownership, recognized award-winning talent of the investment teams, and a deeper leadership team, NCM believes its business will be better positioned to continue to provide high quality service and investment products designed to provide superior performance over time. Following the closing of the proposed transaction, the current ultimate shareholders of the three businesses, who are all senior officers, directors or employees of their respective businesses, will collectively own the parent company of the combined businesses.
“The enhanced scale of the combined businesses is expected to provide immediate benefits through operational and regulatory efficiencies as well as increased access to investment management tools and talent. A larger AUM base will allow for planned growth initiatives” said NCM Chief Executive Officer, Alex Sasso, CFA. “For financial advisors and investors using NCM’s award-winning and best in class investment products, business will continue on as usual with no impact on the management of the funds”, he added.
About NCM - Norrep Capital Management Ltd.
For over 20 years, NCM has been one of Canada’s leaders in actively managed investment products. With an in-house portfolio management team and a family of actively managed funds, NCM has earned multiple awards recognizing its investment success. NCM is an independent Canadian investment firm with offices in Calgary and Toronto, distributing retail mutual funds and related products and services to Canadian investors, through a third party distribution channel. (www.norrep.com)
Cumberland is a leading independent investment management firm that provides discretionary investment and wealth management services for high net worth individuals, their families and foundations, with $1 million or more in investable assets. All of Cumberland’s investment mandates are centered on building and preserving clients’ wealth. Founded in 1997 to help individuals and families achieve their financial and lifestyle goals, Cumberland is privately-owned by its employees and headquartered in Toronto, Ontario. (www.cumberlandprivate.com)
About Perron & Partners Wealth Management Corp. and Perron Asset Management Inc.
PPWM is an independent investment management and wealth advisory firm that offers objective and customized financial advice to high net worth individuals, families, professionals, and business owners. PPWM was founded in 2013, and is based in Calgary, Alberta. In 2017 it was named by Advisory HQ as one of the top eight Financial Advisory Firms in Calgary. (www.ppwm.ca)