PWL Capital expanded to Atlantic Canada by acquiring Halifax-based independent wealth management firm EB Wealth. EB Wealth was founded in 2019 by Trevor Daigle and Brett Watt, who had a previous successful partnership at another firm. In July, PWL acquired TCM Financial Studio in Regina.
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An investor group led by private equity firm Warburg Pincus plans to acquire Toronto-based ECN Capital Corp. in an all-cash transaction. ECN manages US$7.6 billion of assets for North American financial institutions. Common shareholders receive $3.1 per share, about 13% over the closing price on the Toronto Stock Exchange, valuing ECN at $1.9 billion. ECN will hold a shareholders meeting to consider and vote on the transaction in January 2026. If approved, shares will be delisted from the TSX.
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Ontario’s Kawartha Credit Union and Libro Credit Union will merge on Jan. 1, 2026. The merged credit union will have approximately $11 billion in assets under management and serve over 180,000 members with 57 locations. It will be led by a 13-member board of directors, with members from both Kawartha and Libro. While the legal name of the merged entity will be Libro Credit Union Limited, both brands will exist for the foreseeable future. Norah McCarthy, current CEO at Kawartha, will become the President of Kawartha. Shawn Good will continue as the CEO of Libro.
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Sun Life Financial Inc. made two annuity buy-in transactions with the board of trustees of the two New Brunswick shared risk plans for former employees of Fraser Papers Inc. The transactions totaled $114 million. Fraser Papers filed for creditor protection in 2009 and employees’ pensions had an uncertain future. Going forward, Sun Life will make the monthly pension payments.