{"id":1511,"date":"2024-05-09T06:45:59","date_gmt":"2024-05-09T06:45:59","guid":{"rendered":"https:\/\/financeify.ca\/?p=1511"},"modified":"2024-05-09T06:45:59","modified_gmt":"2024-05-09T06:45:59","slug":"dundeewealth-goes-shopping","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/05\/09\/dundeewealth-goes-shopping\/","title":{"rendered":"DundeeWealth goes shopping"},"content":{"rendered":"

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The hunted has turned hunter in the Canadian asset management industry as DundeeWealth announces a deal to purchase a controlling interest in institutional money management company, Aurion Capital Management Inc.<\/p>\n

Dundee is taking a 60% stake in the company for a combination of cash and Dundee common stock, with the remaining 40% held by Aurion employees.<\/p>\n

The purchase is the result of Aurion’s desire to “expand and diversify its product offering.” The company also wanted to improve the incentive package for its team of investment managers. While reviewing available options, the company was approached by Dundee.<\/p>\n

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\u201cOur investment in Aurion represents a long-term strategic investment that expands our wealth management platform while supporting our expansion into the institutional market,\u201d DundeeWealth President and CEO David Goodman said in a press release. \u201cHe complements the award-winning team of portfolio managers at Dynamic Funds and Goodman Private Wealth that make DundeeWealth such a significant and successful player in the independent investment management industry in Canada.\u201d<\/p>\n

Aurion currently manages more than $4.5 billion in assets, including approximately $3.3 billion in pension funds and approximately $700 million in real estate assets for the insurance company.<\/p>\n

\u201cI think DundeeWealth wanted access to institutional business through our client base, so our primary focus is on serving the existing client base,\u201d says James Clark, vice president of business development at Aurion. \u201cWe will talk about how we can help each other build our businesses, but nothing is predetermined in that sense.\u201d<\/p>\n

Aurion was spun off from the Shell Canada pension fund in late 1996 and currently serves 15 clients. The company specializes in the active management of Canadian equities, representing 58% of total assets; and real estate holdings, accounting for 18% of assets.<\/p>\n

While focused on the institutional space, Aurion offers a retail investment fund \u2013 the Aurion II Equity Fund \u2013 which Clark defines as a \u201cquasi-high-alpha\/hedge fund\u201d with approximately $40 million in assets. The company also advises on “several foil-packed products.”<\/p>\n

\u201cThis agreement provides significant benefits to our current and future customers,\u201d said Neil Jacoby, president and CIO of Aurion. \u201cAurion Capital will continue to operate under its current name in the same location, with no changes to its management, staff, products and investment philosophy and process. At the same time, we are now supported by the financial resources and distribution capabilities of a respected partner.<\/p>\n

The transaction is expected to close by mid-June 2008, subject to customary conditions, including regulatory approvals. The purchase price was not disclosed.<\/p>\n

Submitted by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com<\/i><\/p>\n

(05\/05\/08)<\/i><\/p>\n

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The hunted has turned hunter in the Canadian asset management industry as DundeeWealth announces a deal to purchase a controlling interest in institutional money management company, Aurion Capital Management Inc. Dundee is taking a 60% stake in the company for a combination of cash and Dundee common stock, with the remaining 40% held by Aurion […]<\/p>\n","protected":false},"author":1,"featured_media":1512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[832,833],"class_list":{"0":"post-1511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-dundeewealth","9":"tag-shopping"},"aioseo_notices":[],"yoast_head":"\nDundeeWealth goes shopping - Financeify<\/title>\n<meta name=\"description\" content=\"The hunted has turned hunter in the Canadian asset management industry as DundeeWealth announces a deal to purchase a controlling interest in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/05\/09\/dundeewealth-goes-shopping\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DundeeWealth goes shopping - 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