Macquarie Group has acquired Blackmont Capital from CI Financial, a Canada-based wealth management company. Effective January 1, 2010, the Blackmont business and its employees will be integrated into Macquarie’s global retail advice and distribution activities.
The business, which will be rebranded as Macquarie Private Wealth from February 1, 2010, will offer clients tailored, independent and differentiated financial advice across its 13 offices in Canada.
The acquisition is expected to improve Macquarie’s global retail financial services business, with operations through out Asia, UK and Australasia.
However, the business will continue to be run by Bruce Kagan, CEO and executive director of Macquarie and Earl Evans, former head of Macquarie full service broking, has been appointed president of the business.
Peter Maher, global head of banking and financial services group at Macquarie, said: “Having the Blackmont team become Macquarie Private Wealth in Canada represents a key acquisition for our global financial services business. It provides Macquarie with an established and growing Canadian wealth management business and adds additional retail distribution to Macquarie’s existing capital markets and product offerings in Canada.
“The Blackmont business has benefitted enormously under its CEO, Bruce Kagan, especially through recent difficult market conditions. I’m pleased that Mr Kagan will continue to lead the business under Macquarie ownership. Together with his strong management and advisor team, the business is well-positioned to provide enhanced services to both new clients and advisors.”
Mr Kagan said: “Joining Macquarie is a tremendous outcome for Blackmont, an opportunity for our common goals to be realized and an external affirmation of our team, business and depth of client relationships. We look forward to beginning the next chapter of our success, which will be written as part of Macquarie Private Wealth.”
