Richardson GMP goes long on discretionary management
July 28, 2011 - Press Release
Discretionary management has a bright future in the private client industry, providing a documented approach to wealth management with a system of checks and balances, David Porter, equity owner and portfolio manager at Richardson GMP, tells Family Wealth Report.
The Canadian wealth manager, with some $14 billion client assets, is the largest privately-held firm of its type in the world’s second largest country, and its footprint extends to all of Canada’s major economic centers. “Richardson GMP believes in the future of discretionary management: approximately 45 per cent of its advisor teams have licensed portfolio managers. And the firm is planning to grow this share,” says Porter.
“As an industry I think the overall share of discretionary managers is much smaller [than at Richardson GMP], but I would like to see it in the majority because it’s transparent,” he tells FWR... read more