Cynosure Re-Invests in Canada’s Wellington-Altus Financial
The Cynosure Group, an alternative asset manager and portfolio advisor partially backed by the Eccles family, has increased its investment in Wellington-Altus Financial Inc., the parent company of a Canadian wealth management firm, to CAD$40 million ($29.4 million).
The Salt Lake City, UT-based Cynosure increased its minority ownership stake to 15% since its first investment in 2021, while 70% is held by the firm’s partners.
“We believe Canada is in the early stages of a very long-term advisor independence trend. “Over the past few years, Wellington-Altus has invested heavily in its platform to serve its advisors and clients better,” said Andrew Braithwaite, managing director of the Cynosure Group.
Founded in 2017 and based in Winnipeg, Wellington-Altus founder & chair, Charlie Spiring, added that the firm’s medium-term goal is to reach CAD$50 billion ($37.8 billion) in assets under administration.
Wellington-Altus surpassed CAD$25 billion ($18.4 billion) in just six years across various subsidiaries, including Wellington-Altus Private Wealth, Wellington-Altus Asset Management, Wellington-Altus Private Counsel and Wellington-Altus Insurance, among others.
