NFP announced June 30 that it has entered into an agreement to acquire Newport Private Wealth Inc., a Toronto-based private wealth management firm with approximately $4.3 billion in assets under management and offices in Waterloo, ON; Kingston, ON; Calgary, AB; and Kelowna, BC.
NFP is an insurance broker and consultant providing business and personal insurance, group benefits, retirement and individual solutions. Doug Hammond, chairman and CEO, NFP, says the acquisition of Newport will enable the company to strategically expand his firm's North American wealth management presence. "This exceptional addition for NFP, which brings our total assets under management to nearly $50 billion, aligns with our focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients," stated Hammond.
The company will continue to operate under the Newport Private Wealth brand, and Newport's senior leadership team will remain at the helm, including the company's three founding partners: Douglas C. Brown, president and CEO; Mark A. Kinney, chief investment officer; and David T. Lloyd, chief wealth management officer. The transaction closed June 30, 2022.
