GMP Private Client L.P. and Richardson Partners Financial Limited complete transactions, creating Richardson GMP Limited
Richardson Group makes significant investment in GMP Capital Inc.
November 12, 2009 - Press Release
GMP Capital Inc. (TSX: GMP) (“GMP”) and James Richardson & Sons, Limited (“JRSL”), today jointly announced the successful completion of the transactions which resulted in the combination of their respective wealth management businesses (GMP Private Client L.P. and Richardson Partners Financial Limited) and the creation of Richardson GMP Limited (“Richardson GMP”), as previously announced on July 23, 2009. Concurrently with this closing, Richardson Financial Group Limited, a subsidiary of JRSL, and certain Richardson Partners Financial Limited (“RPFL”) investment advisors and members of RPFL’s management team collectively subscribed for $87 million in GMP common shares.
“We are pleased to have completed this important transaction as it reaffirms our reputation as one of Canada’s pre-eminent independent financial services firms and reconfirms our commitment to high net-worth Canadians and entrepreneurs. Richardson GMP’s corporate alignment with GMP will provide its clients with access to the talent, innovation and proven capabilities of GMP and its affiliates. As important, GMP now has access to a much larger wealth management franchise and the expanded relationships and opportunities that come with increased scale. We look forward to working closely with the Richardson family as our strategic partner in Richardson GMP and as a significant shareholder and sponsor of GMP,” said Kevin Sullivan, CEO of GMP Capital Inc... read more