Harbourfront Wealth Group to Acquire $5B Cumberland Partners Limited

Toronto-based Harbourfront Wealth Group will be acquiring Cumberland Partners Limited and its subsidiaries, marking Harbourfront Wealth’s fifth acquisition in three years. 

Cumberland, which was launched in 1997, is an employee-owned wealth and investment management firm and has offices in Toronto and Calgary. The firm operatesthrough its subsidiaries, Cumberland Private Wealth Management, Cumberland Investment Counsel, and NCM Investments. 

The transaction, which is set to close in the third quarter of this year, adds roughly $5 billion in assets under administration. 

Through the acquisition, Cumberland clients, advisors and investment teams will be able to leverage Harbourfront Wealth’s capabilities, including its technology and operations, Harbourfront Wealth said. 

“We approach acquisitions with a clear view of where we want to grow and how we strengthen our business over time,” said Danny Popescu, founder and executive chair of Harbourfront Wealth. “We look for firms with trusted client relationships, strong leadership, and capabilities that fit strategically within our platform.” 

Specific terms of the transaction were not disclosed. 

Last May, Harbourfront Wealth acquired Toronto-based advisory firm KJ Harrison & Partners, managing $2.2 billion in assets under administration. 

Recently, Harbourfront Wealth named industry executive Richard McIntyre as CEO, while former CEO and founder Danny Popescu has transitioned to executive chair. 

Vancouver-based Harbourfront Wealth Group, founded in 2013, manages about $22 billion in total client assets across 60 locations in Canada.