The U.S. financial services and human resource consulting company has bought the fast-growing wealth management firm for an undisclosed amount. PWL—which focuses on low-fee, passive investments—manages about $5.5 billion on behalf of 2,300 clients across Canada. OneDigital is controlled by Canadian private equity firm Onex. (The Logic)
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The U.S. financial services and human resource consulting company has bought the fast-growing wealth management firm for an undisclosed amount. PWL—which focuses on low-fee, passive investments—manages about $5.5 billion on behalf of 2,300 clients across Canada. OneDigital is controlled by Canadian private equity firm Onex. (The Logic)
Talking point: PWL’s growth was fuelled by servicing tech entrepreneurs and Shopify employees, thanks to referrals from the e-commerce giant’s CEO and PWL client Tobi Lütke. Canada’s wealth management industry has undergone plenty of consolidation in recent years, and PWL has been targeted by suitors in the past, president Brenda Bartlett told The Globe and Mail. The firm wasn’t looking to sell, especially to a big financial institution, but OneDigital’s co-founder-led culture won executives over. PWL will rebrand as OneDigital Canada, marking the U.S. firm’s first international expansion.
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