Acquisition of Leading Wealth Management Firm Will Further Strengthen NFP’s Expanding Asset-Based Business
TORONTO, June 30, 2022 /PRNewswire/ — NFPa leading property and casualty insurance broker, benefits consultant, wealth manager and retirement advisor, today announced that it has entered into an agreement to acquire Newport Private Wealth Inc., a Torontoprivate wealth management company with approximately $4.3 billion of assets under management and office space Waterloo, ON; Kingston, ON; Calgary, Alta.; and Kelowna, BC. Newport provides comprehensive wealth management services, including investment management, estate, retirement and tax planning, insurance solutions and philanthropic advisory services to high net worth individuals and families. The transaction was closed on June 30, 2022.
“The addition of Newport strategically expands NFP’s wealth management presence in North America by adding one of the industry’s leading organizations and platforms,” said Doug Hammond, Chairman and CEO, NFP. “This outstanding addition for NFP, which brings our total assets under management to nearly $50 billionaligns with our goal to grow our wealth management business and provide more solutions to meet the diverse needs of our clients.”
The company will continue to operate under the Newport Private Wealth brand, and from Newport the management team will remain at the helm, including the company’s three founding partners: Douglas C. BrownPresident and CEO; Mark A. Kinney, Chief Investment Officer; and David T.LloydDirector of Wealth Management.
“We are delighted to join NFP and be part of a growing global organization dedicated to expanding its wealth management capabilities across North America“, said Brown. “With NFP, Newport enhance the customer experience, with access to additional resources and expertise that will increase the value we deliver. NFP shares our commitment to our customers, our employees, our partners and our brand. We are excited to bring personalized and expert wealth management services to even more communities as we grow. »
Brown and the Newport The management team will play a critical role in expanding NFP’s wealth management business through the growth and expansion of the Newport Private Wealth brand. The company will work with NFP’s leadership team to recruit top talent, integrate acquisitions and develop complementary capabilities across the country.
“We are delighted to welcome Doug, Mark, David and all Newport team to the NFP family,” said John HaasPresident, NFP in Canada. “Newport has differentiated itself in the market by creating an investment platform focused on serving clients who want better control of their wealth. By offering a unique private wealth management offer and a personalized service experience to clients, Newport aligns perfectly with the strong foundation that NFP has built in our North American wealth management business. Newport will add tremendous value to NFP and our customers from all walks of life. »
About the NFP
NFP is a leading insurance broker and consultant providing specialty business and personal insurance, group benefits, pensions and individual solutions through its licensed subsidiaries and affiliates. NFP enables the success of its customers thanks to the expertise of more than 1,000 employees based in Canada, more than 6,900 employees worldwide, investments in innovative technologies and lasting relationships with highly rated insurers, suppliers and financial institutions. NFP is the 5th largest perks broker by global revenue (Business Insurance), 10th P&C agency (Insurance Journal) and 13th global insurance broker (Best’s Review).
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About Newport Private Wealth
Founded in 2001, Newport Private Wealth is part of from Canada largest private wealth management companies, with more than $4.3 billion of assets under management. Based at Torontowith locations in Waterloo, kingston, Calgary and Kelownathe company has about 70 employees. Newport offers comprehensive wealth management services to its clients, including investment management, estate, retirement and tax planning, insurance solutions and philanthropic advisory services for high net worth individuals.