VANCOUVER, BC and TORONTO, March 7, 2023 /CNW/ – PI Money Corp. (PI) and Echelon Prosperity Associates Inc. (Echelon) right now announced that they, and their affiliates, have agreed to combine in a merger of equals to produce a main financial investment advisory, wealth management, and cash markets company. The two firms have utilized for regulatory acceptance of ownership variations that will outcome in prevalent possession efficient April 1, 2023. Subsequent to the improve in ownership, PI and Echelon will amalgamate their functions, which is envisioned to be finished in early 2024.
Echelon and PI have workplaces throughout Canada, and the amalgamation will produce a genuinely national organization that will serve customers with bigger scale, further practical experience and experience, and improved provider choices. With about 550 employees, which include 210 investment advisors and in excess of 80 capital markets professionals, the amalgamated company will be well-positioned to leverage new prospects and enrich benefit for its clientele. With in excess of $12 billion of customer property, the mixed agency is established to proceed to develop its financial commitment advisory and wealth administration companies. The blended funds marketplaces franchise is the second biggest amongst Canadian non-lender money markets corporations,* and is poised for continued growth.
The mixed agency will have significant worker ownership, and a distinct route for rising it. The remaining ownership will be shared between RCM Capital Management and Miles Nadal (Peerage Money). Upon completion of the amalgamation, Echelon CEO and Director, David Cusson, will provide as CEO, and PI Chairman and CEO, Jean-Paul Bachellerie, will provide as President and Main Running Officer. Each PI and Echelon will run independently during the period among closing and amalgamation.
“This is an exciting working day for our two corporations,” mentioned David Cusson, CEO and Director of Echelon. “PI and Echelon – two nicely-revered, worthwhile, and impressive firms – are creating an amalgamated organization that is better than the sum of its pieces. I have good respect for Jean-Paul and his staff, and the fantastic organization they have constructed. I seem forward to setting up on our momentum by bringing jointly complementary companies and capabilities, and leveraging new chances produced by this blend to construct even higher price for our consumers. With a shared, reason-driven strategy that values entrepreneurship and collaboration, we have a solid basis to make sure a thriving integration.”
“PI and Echelon are effective, very well-run sellers with escalating and worthwhile businesses,” said Jean-Paul Bachellerie, Chairman and CEO of PI. “As we thoughtfully amalgamate our functions, I search forward to operating with David on developing a company that usually takes the ‘best of’ from both of those businesses and supplies the highest degree of shopper support. Even though our corporations have different strengths, we see this transaction as a merger of equals. Echelon and PI have equivalent corporate cultures centred close to independence, entrepreneurship and a commitment to excellence, which will make it possible for the merged agency to much more properly serve our clientele and develop benefit. We also believe that this combination will provide new and remarkable prospects for all of our staff.”
“Considering the fact that the inception of our partnership with the PI administration team, we have worked with each other with the target of developing PI into a truly countrywide fiscal solutions agency. The groups at PI, Echelon, Peerage Cash, and RCM Money have collaborated to assemble a blend that marks the to start with milestone in that effort,” mentioned Christopher Morris, Controlling Spouse of RCM Capital Administration. “We appear forward to the long run prospects available to the combined platform.”
“A merger of two productive, independent, entrepreneurial corporations of this calibre and pedigree is a uncommon prospect,” reported Miles S. Nadal, Founder and Government Chair of Peerage Capital. “Combining such fantastic expertise and running savvy will help the amalgamated agency to proceed to create a pre-eminent investment decision vendor with tremendous upside for long run progress.”
“The two administration teams’ respect for every other’s mutual dedication to their consumers, their groups, the spirit of entrepreneurship, and independence produced them sensible partners to build the greatest good quality impartial supplier in Canada,” claimed Trevor Maunder, CEO of Peerage Capital. “Their compatible DNA and unique entrepreneurial cultures will allow for the put together firm to mature nationally and supply clients and advisors with a potent, independent selection.”
This transaction is subject matter to obtaining regulatory approval.
About Echelon Prosperity Associates
Echelon Prosperity Partners Inc. is a major unbiased Prosperity Management and Money Marketplaces company centered in Toronto, Ontario, with about 60 advisor groups, and more than $20 Billion in money raised in the earlier 6 yrs by our Echelon Money Marketplaces team, serving customers across Canada from workplaces in Victoria, Vancouver, Calgary, Edmonton, London, Oakville, Ottawa, Toronto, and Montreal.
About PI Financial
Started in 1982, PI Monetary has become one of Canada’s premier impartial financial commitment sellers with about 300 employees from Toronto, to our headquarters in Vancouver, BC. PI Monetary presents abilities across a variety of advancement sectors and provides a total selection of analysis, expenditure banking, advisory, and product sales & trading providers to its institutional shoppers. For non-public customers, PI features a detailed wealth administration platform for its Financial investment Advisors and Portfolio Administrators who supply personalized tips to their consumers and accessibility to the entire spectrum of securities merchandise and products and services.
About Peerage Funds
Peerage Capital is a main North American organization services and personal investment decision firm that forges extensive-time period partnerships with entrepreneurial management groups. These protect quite a few sectors which includes asset administration, actual estate providers, as a result of Peerage Realty Partners, a residential serious estate operation with above $60 billion in once-a-year volume, and true estate growth, generally in self-storage by means of Vaultra, a leading Canadian supplier with 30 services and approximately 3,000,000 ft2 beneath ownership, management, and enhancement. For more info visit: www.peeragecapital.com
About RCM Capital Management
RCM Funds Administration is a Toronto and Vancouver-based mostly asset management organization targeted on immediate financial debt and fairness investments across North The usa. Because inception in 2009, RCM Cash has invested in a lot more than 50 providers functioning throughout a diverse assortment of industries, with a specialty in economical providers. RCM Capital delivers funding to corporations by way of uniquely tailor-made items across the capital structure, allowing them to take benefit of essential strategic chances.
*Supply: FP Infomart 2022 League Tables Total Bookrunner Credit rating
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