CALGARY, Alberta, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Norrep Investment Management Group Inc. (“NIMG”), parent company of Norrep Capital Management Ltd. (“NCM”), is pleased to announce that it has signed a definitive agreement to merge its business with (i) that of Cumberland Partners Limited (CPL), parent company of Cumberland Private Wealth Management Inc., Cumberland Associates Investment Counsel Inc., and their related entities (collectively, “Cumberland”); and (ii) Perron & Partners Wealth Management Corp., Perron Asset Management Inc., and their related entities (collectively, “PPWM”).
The merger will result in a combined, independently owned investment management firm with approximately $4 billion in assets under management (“AUM”). NCM will continue as a separate company, focused on manufacturing, servicing and managing retail mutual fund products for use by financial advisors and their clients in Canada. With the added scale, breadth of ownership, recognized award-winning talent of the investment teams, and a deeper leadership team, NCM believes its business will be better positioned to continue to provide high quality service and investment products designed to provide superior performance over time. Following the closing of the proposed transaction, the current ultimate shareholders of the three businesses, who are all senior officers, directors or employees of their respective businesses, will collectively own the parent company of the combined businesses.
“The enhanced scale of the combined businesses is expected to provide immediate benefits through operational and regulatory efficiencies as well as increased access to investment management tools and talent. A larger AUM base will allow for planned growth initiatives” said NCM Chief Executive Officer, Alex Sasso, CFA. “For financial advisors and investors using NCM’s award-winning and best in class investment products, business will continue on as usual with no impact on the management of the funds”, he added.
“We are very pleased to participate in this transaction, which puts together three entrepreneurial leadership teams with high quality people that share similar values in their organizations” said Charles R. Sims, FCPA, FCA, and Chief Executive Officer at CPL. “We look forward to continuing to build an organization that is focused on investment excellence and the client experience”.
The proposed merger will result in an indirect change of control of NCM and is expected to close on or about March 29, 2018 subject to regulatory approvals and other customary closing conditions.
About NCM - Norrep Capital Management Ltd.
For over 20 years, NCM has been one of Canada’s leaders in actively managed investment products. With an in-house portfolio management team and a family of actively managed funds, NCM has earned multiple awards recognizing its investment success. NCM is an independent Canadian investment firm with offices in Calgary and Toronto, distributing retail mutual funds and related products and services to Canadian investors, through a third party distribution channel. (www.norrep.com)
About Cumberland
Cumberland is a leading independent investment management firm that provides discretionary investment and wealth management services for high net worth individuals, their families and foundations, with $1 million or more in investable assets. All of Cumberland’s investment mandates are centered on building and preserving clients’ wealth. Founded in 1997 to help individuals and families achieve their financial and lifestyle goals, Cumberland is privately-owned by its employees and headquartered in Toronto, Ontario. (www.cumberlandprivate.com)
About Perron & Partners Wealth Management Corp. and Perron Asset Management Inc.
PPWM is an independent investment management and wealth advisory firm that offers objective and customized financial advice to high net worth individuals, families, professionals, and business owners. PPWM was founded in 2013, and is based in Calgary, Alberta. In 2017 it was named by Advisory HQ as one of the top eight Financial Advisory Firms in Calgary. (www.ppwm.ca)
For More Information:
NCM-Norrep Capital Management Ltd.
Alex Sasso, CEO
T: 416.640.6718
www.norrep.com
Notice to Reader:
Certain information set forth in this press release, including, but not limited to, a discussion of future plans and operations and the anticipated successful completion of the proposed transaction, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are based upon assumptions that are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, receipt of regulatory approvals, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements. Management is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.