TORONTO - June 30, 2022 - NFP, a leading property and casualty broker, benefits consultant, wealth manager and retirement advisor, today announced it has entered into an agreement to acquire Newport Private Wealth Inc., a Toronto-based private wealth management firm with approximately $4.3 billion in assets under management and offices in Waterloo, ON; Kingston, ON; Calgary, AB; 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 closed on June 30, 2022.
'The addition of Newport strategically expands NFP's North American wealth management presence by adding one of the leading organizations and platforms in the space,' said Doug Hammond, chairman and CEO, NFP. 'This exceptional addition for NFP, which brings our total assets under management to nearly $50 billion, aligns with our focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients.'
The company will continue to operate under the Newport Private Wealth brand, and Newport's senior leadership team will remain at the helm, including the company's three founding partners: Douglas C. Brown, president and CEO; Mark A. Kinney, chief investment officer; and David T. Lloyd, chief wealth management officer.
"We're delighted to join NFP and be part of a growing global organization dedicated to expanding its wealth management capabilities in North America,' said Brown. 'With NFP, Newport will enhance the client experience, with access to additional resources and expertise that will elevate the value we provide. NFP shares our commitment to our clients, employees, partners and brand. We're excited to bring personalized and expert wealth management services to even more communities as we grow.'
Brown and the Newport management team will play an integral role in the expansion of NFP's wealth management operation through the growth and expansion of the Newport Private Wealth brand. The firm will work with NFP's leadership team to recruit top talent, integrate acquisitions and build complementary capabilities across the country.
'We're excited to welcome Doug, Mark, David and the entire Newport team to the NFP family,' said John Haas, president, NFP in Canada. 'Newport has differentiated itself in the marketplace by building an investment platform focused on serving clients who want greater control of their wealth. By providing a unique private wealth management offering and personalized service experience for clients, Newport squarely aligns with the strong foundation NFP has built in our North American wealth management business. Newport will add tremendous value to NFP and our clients across the wealth spectrum.'