With more than CAD$10bn in assets under management, Wellington West primarily focus on the energy, mining and agriculture space.
Wellington West provides investment advisory services to over 68,000 individual investors through its 50 branches located across Canada, with a workforce of 223 advisors.
Upon closure of the transaction, National Bank Financial will have approximately CAD$67bn in assets under management and 983 advisors in over 130 branches across Canada. The operations of the Wellington West will be integrated with those of National Bank Financial, the bank’s investment dealer subsidiary.
The bank said 48% of National Bank Financial’s retail revenues will be generated outside of Quebec.
Charlie Spiring, CEO and founder of Wellington West, will take up the new role as vice chairman of National Bank Financial.
NBFG executive vice president wealth management Luc Paiement said this highly strategic acquisition will contribute to the continued growth of National Bank’s wealth management platform. It also aligns with National Bank’s strategy to increase its scale and presence outside of Quebec.
The transaction values Wellington West at CAD$333m, including excess cash of CAD$74m. Excluding National Bank’s current ownership of 18.2%, the amount payable to Wellington West shareholders is CAD$273m.
The transaction is subject to necessary approvals, and is expected to close in July 2011.
