OneDigital buys C$5.5 billion Montreal wealth manager


OneDigital, which describes itself as a “technology-enabled” insurance, talent and financial advisory firm, has acquired PWL Capital, a wealth management firm headquartered in Montreal, Canada. The deal represents OneDigital's first international expansion, bringing approximately $5.5 billion in client assets to the more than 2,300 clients that PWL serves.

PWL was founded in 1996 and has offices in Ottawa, Montreal and Toronto. It is one of the largest independent wealth management firms in Canada, with over 70 employees, including over 25 who are registered with the Canadian Investment Regulatory Organization.

The firm will operate as an independent subsidiary of OneDigital, taking over its brand.

This is a first step towards OneDigital's long-term expansion in Canada. The company also plans to invest in employee benefits, property and casualty insurance and employment consulting companies.

“This is a consequential investment for OneDigital as we make our first move into the Canadian market, partnering with a group that has a shared commitment to providing investment and financial planning solutions centered around our client's needs,” said Mike Sullivan , co-founder and chief growth officer at OneDigital, in a statement. “PWL brings an exceptional team with deep expertise in wealth management, making them the perfect partner as we expand our footprint internationally. Together, we are poised to bring more systemic, customer-first financial solutions to Canadians, marking the start of an exciting new chapter for OneDigital's growth and our ability to serve customers on a global scale.

Over the past several years, OneDigital has grown its US-based RIA, OneDigital Investment Advisors in Overland Park, Kan. That unit now has $107 billion in assets under management, according to the firm's most recent ADV.



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