Not for distribution in the United States or through United States wire services
TORONTO, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Gravitas Financial Inc. (CSE: GFI) (“Gravitas” or the “Company”), today is pleased to update investors on our financial services strategy with respect to Portfolio Strategies Corporation.
Portfolio Strategies Corporation (PSC) was established in 1994 and is one of Canada’s largest independent mutual fund dealers and a member of the Mutual Fund Dealers Association of Canada. PSC is a mutual fund dealer, exempt market dealer, and investment fund manager. Gravitas acquired a 40% stake in PSC in 2014 when assets under administration totaled $2.2 billion and have since grown to over $3.4 billion, an increase of 54% in four years.
PSC has more than 300 financial advisors in Canada from Quebec to British Columbia, serving thousands of clients. A large and growing segment of the business is newly arrived Canadians, primarily Chinese – Canadian investors, who are served by more than 100 advisors. Gravitas, and its affiliated companies have assembled several financial platforms that service Chinese - Canadian high net worth investors.
Vikas Ranjan, President of Gravitas, stated, “Gravitas is very pleased with our investment in PSC and the superb growth and profitability the management team has delivered. It is especially exciting that during this period of consolidation in the Canadian financial services industry that PSC has performed so well while maintaining their high standards and independence.”
ABOUT GRAVITAS FINANCIAL INC.
Gravitas Financial Inc. is a platform company that creates businesses in key traditional and emerging sectors with strong industry partners. Our industry focus includes financial services, fintech, and Sino-Canadian mining. We leverage our unique platform to develop a continuous pipeline of new ventures with significant blue-sky potential. Our platform is complimented by strong investment research and digital investment media groups.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Brent Somerville, Investor Relations, Gravitas Financial Inc.
Email: brent@gravitasfinancial.com
Tel: 647-846-4105
Vikas Ranjan, President, Gravitas Financial Inc.
Tel: 647-252-1674