Harbourfront finalizes investment from U.S. private equity firm

By Staff | September 27, 2022 | Last updated on September 27, 2022
1 min read

Vancouver-based Harbourfront Group has finalized a strategic investment from a U.S. private equity firm that it will use to recruit advisors and expand.

Harbourfront said it received a “nine-figure” investment from Boston-based Audax Private Equity, which valued the wealth manager at $425 million.

Harbourfront had $4 billion in assets under administration and $1.7 billion in assets under management as of May 30.

Audax acquired a partial interest in Harbourfront, whose management will remain the firm’s key decision-makers, a release said. Harbourfront’s shareholders, primarily its investment advisors, received a special dividend from the transaction.

Harbourfront said it intends to put the investment toward growth through acquisitions, advisor recruitment and technology investment.

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.