As of today, Canada is home to 15 professional wealth management firms with over $1 billion in assets under management (AUM). And just this morning, on July 28, 2025, iA Wealth—Canada’s second-largest independent wealth management group—announced a merger agreement with Richardson Wealth, the ninth-largest, at a purchase price of $20 per share. The total deal is valued at $600 million.
The integration aims to preserve the existing platforms and corporate cultures of both firms, while creating the largest non-bank wealth management platform in Canadian history. Post-merger, the combined AUM is expected to reach approximately $180 billion. By comparison, BMO Private Wealth Counsel recently celebrated surpassing $50 billion in AUM earlier this year, and RBC Wealth Management’s PH&N division has just approached the $65 billion mark.
The acquisition price represents a 107% premium over Richardson Wealth’s previous closing price of $9.65 per share. However, it equates to only about 1.5% of Richardson’s AUM, and 6.7 times its trailing 12-month fully-synergized EBITDA—two key figures that reflect the intrinsic value of institutional asset management in Canada’s wealth sector.
For high-net-worth Chinese families, this type of merger delivers tangible advantages: it strengthens the appeal of non-bank platforms by attracting more specialized advisors, offering better long-term performance and more reasonable fees. These platforms are also better equipped to assess and manage the systemic risks unique to each family and provide highly customized service—not focused on pushing mortgages, credit cards, or proprietary products.
Independent firms, with their scale and professional infrastructure, are able to leverage open-architecture investment platforms, selecting the best solutions across the entire market, unconstrained by any single institution’s product shelf.
The transaction also highlights the strategic synergies expected from the deal, particularly in the integration of digital platforms, AI capabilities, and scalable technology infrastructure—driving innovation and enhancing client experience. The financial structure of the deal reflects the strong market appeal of the independent wealth management model: of the total $597 million purchase price, $370 million accounts for equity value, while $227 million represents financial obligations. Cost synergies are expected to come from consolidating third-party service providers and corporate functions, while revenue synergies will result from business model complementarity and the growth potential of an open investment platform.
For the North American Chinese community, industry consolidation means growing access to higher-quality platforms and elite advisory teams—offering more sophisticated, client-centric wealth management solutions.
