Dynasty Financial Forms Relationship With Canadian Wealth Firm

   By Corrie Driebusch 
 

NEW YORK--Dynasty Financial Partners and Canadian wealth management firm Richardson GMP of GMP Capital Inc. (GMP.T) are forging ties to provide cross-border access to each other's products and services.

The strategic relationship comes as some other Canadian banks and independent firms have been purchasing U.S. wealth management players to gain market access and clients south of the border.

Canadian Imperial Bank of Commerce (CM, CM.T), Canada's fifth-largest bank, for instance, has purchased a stake in asset manager American Century Investments, and will be buying up boutique wealth player Atlantic Trust Private Wealth Management from Invesco Ltd. (IVZ) to bolster its wealth-management business in the U.S.

"In today's world of highly mobile professional athletes, entertainers and entrepreneurs, the ability to provide a complete North American wealth management solution is essential," said Todd Thomson, Dynasty's chairman, in a statement.

Richardson GMP is an independent wealth management firm with more than 150 financial advisers and $15 billion in client assets.

Dynasty, a network of independent financial advisers launched in late 2010, has 17 firms across the U.S. advising more than $16 billion in client assets. The firm provides these independent adviser teams access to a platform for trading, clearing, research and other support services. While it does offer financing options for advisers setting up and growing their own firms, it does not own the advisers' firms and the advisers are not employees of Dynasty.

-Evelyn Juan contributed to this article

Write to Corrie Driebusch at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires