New York-based insurance broker NFP Corp. is expanding its wealth management presence in North America with the acquisition of Toronto-based 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 NFP didn’t disclose, closed on June 30.
Under the terms of the deal, Newport will continue operating under its own brand and be led by its current management team, including founding partners Douglas Brown, president and chief executive officer; Mark Kinney, chief investment officer; and David Lloyd, chief wealth management officer, according to NFP.
Newport will also work with NFP “to recruit top talent, integrate acquisitions and build complementary capabilities across the country,” NFP said in the announcement.
The addition of Newport also brings NFP’s total assets under management to close to $50 billion, which aligns with NFP’s “focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients,” Doug Hammond, NFP’s chairman and CEO, said in the announcement.
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