Winnipeg-based Wellington-Altus Financial Inc. has acquired investment management firm Wickham Investment Counsel Inc. of Hamilton and Burlington, Ontario.
Founded in 1999, Wickham employs five portfolio managers and serves high-net-worth and ultra-high-net-worth clients, corporations and institutions.
Wickham Advisors has a “high care factor” for clients, Shaun Hauser, founder and CEO of Wellington-Altus, said in an interview. “That was established when we first met with them.”
Acquiring investment advisor portfolio management (ICPM) is a priority for Hauser, and Wickham has added just over $200 million to the firm’s assets.
Wellington-Altus’ total assets reached $34.5 billion as of July 31, Hauser said. Canadian Investment Regulatory Organization-registered advisers account for about $29 billion of those assets, private attorneys now account for about $700 million, and the rest is Wellington-Altus’s U.S. operations, segregated funds and group benefits businesses.
Hauser said the company aims to reach $50 billion in assets by the end of November 2026.
Since 2021, the firm has invested $125 million to attract advisors and portfolio managers.
“We were fortunate enough to grow our business debt-free,” Hauser said, referring to the sale of private equity to minority investors.
As the company continues to grow — revenues have surpassed $300 million — other financing options are being considered, particularly debt.
“That’s a side effect of our success — the ability to look at different forms of financing to continue to fuel our growth,” Hauser said.
Growth will continue to be concentrated in Canada, he said. In recent years, the company has expanded into Quebec.
“We’re really well-positioned in Montreal,” Hauser said. “We’re constantly improving and expanding our capabilities to be completely ready for French speakers.”
In January, Steph Condra (formerly of BMO Private Wealth) was hired as executive vice president and chief client experience officer, a role that included overseeing wealth planning, advisor engagement, advisor onboarding, marketing, and regional management teams.
The role comes from Jordy Chilcott, Hauser said. Chilcott, a former Wellington-Altus Private Wealth CEO, left about a year ago for Manulife Investment Management.
The concept behind the chief customer experience officer role, Hauser said, was intended to provide personalized planning advice and peace of mind, rather than to push advisors to hit sales and revenue goals.
“We think the model that will be successful in the future is based on providing advice,” he said. In his role, Condra acts as an advisor-advocate “who tries to promote the right behaviors.”
Another director, Jon Kilfoyle, joined us last year. He came from IG Wealth Management, where he was senior vice president of investments for more than five years. At Wellington-Altus, Kilfoyle is vice president of products and platforms.
Kilfoyle will help provide “advisors with architectural options to reduce risk and enhance portfolio journeys,” Hauser said. More details about the firm’s investment offerings will be shared soon, he said.
