Toronto-based Echelon Wealth Partners Inc. announced on Tuesday that it has completed a $27-million initial financing deal with Toronto-based Peerage Capital Canada Ltd., which was founded by Miles Nadal.
Echelon Wealth Partners is an independent wealth-management and capital markets firm with approximately 80 investment advisors and portfolio managers. It has more than $4 billion of assets under administration and management.
"We are delighted to have Peerage Capital and Miles Nadal as financial partners," says David Cusson, Echelon's CEO, in a statement. "They have a demonstrated track record of identifying long-term opportunities and partnering with entrepreneurial management teams to build businesses with cultures that attract and retain top calibre talent."
Echelon has been on a trajectory of growth in recent months. The firm, which used to be known as Euro Pacific Canada, completed its acquisition of Dundee Goodman Private Wealth, a division of Toronto-based Dundee Securities Ltd., in April. The transaction included the movement of 72 investment advisors and related support teams as well as Dundee Goodman's separately managed account program and some of its fixed-income, foreign-exchange and insurance businesses.
"At Peerage Capital, we have a unique talent to partner with unique talent," says Nadal in a statement. "We are privileged to be an equity partner and capital provider to Echelon Wealth Partners and to help reinvent the wealth-management industry and create the leading independent investment management firm in Canada."
Peerage is a private equity firm that has been in business for more than 35 years. It touts itself as providing liquidity, liquidity, continuity of management, autonomy, and strategic resources to businesses in the real estate and financial services sectors.