New York based insurance broker NFP Company. expands wealth management presence in North America with acquisition of Toronto-based company Newport Private Wealth.
Newport Private Wealth manages approximately $4.3 billion under management for high net worth individuals and families, offering investment management, estate, retirement and tax planning, insurance and philanthropic advisory services, according to NFP.
The deal, the financial terms of which were not disclosed by NFP, closed on June 30.
Under the terms of the agreement, Newport will continue to operate under its own brand and will be led by its current management team, including founding partners. Douglas BrownPresident and CEO; Mark Kinney, Chief Investment Officer; and David Lloyddirector of wealth management, according to NFP.
Newport will also work with NFP “to recruit top talent, integrate acquisitions and develop complementary capabilities across the country,” NFP said in the announcement.
The addition of Newport also brings NFP’s total assets under management to nearly $50 billion, consistent with “NFP’s goal to grow our wealth management business and provide more solutions to meet various customer needs. Doug Hammondchairman and CEO of NFP, said in the announcement.
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