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Macquarie makes a move in wealth management

For the past year, wealth management has been all the rage in Canada. The banks have been rolling out what seems like endless high-net-worth platforms and many of the new launches have been paired with marketing campaigns, such as RBC Wealth Management's current blitz.

Because the banks are so big and powerful, you don't hear much about the independent shops which are also fighting for a piece of the pie. Macquarie Private Wealth is trying to change that by bulking up.

On Tuesday, Macquarie announced new additions to its wealth management team, including the Leemans Wealth Management Group out of HSBC Bank Canada. Led by Jason Leemans in Vancouver, this group brings with them a book worth $220-million.

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Walter McCormick and Garreth Fallis, formerly of Fiera Sceptre, are also heading Macquarie's way, bringing along a $355-million book

The new additions bring Macquarie's adviser count to 185, up by about 55 people from when Macquarie first bought Blackmont's wealth management group in 2009.

These latest hires also follow moves announced in late September. On top of hiring Brent Larkan as head of retail syndication away from HSBC, Macquarie also recruited Tom Williams away from CIBC Woody Gundy to be its eastern Canada regional manager.

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About the Author
Reporter and Streetwise columnist

Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University's Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University. More

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