Boutique asset manager Davis-Rea Ltd. is being sold to industry veteran John O’Connell, who was a founding partner of the Harbour Group at RBC Dominion Securities.

Financial terms weren’t disclosed.

Toronto-based Davis-Rea offers discretionary money management services to individuals, companies, institutions and foundations. It currently has over $400 million of assets under management.

“John is one of the leaders in the wealth management industry in Canada,” says David Rea, chairman of Davis-Rea. “He built a substantial business over the years and his experience will take our current offering for clients to the next level.”

O’Connell has been in the investment industry for more than 24 years as a portfolio manager and investment advisor most recently being a founding partner of the Harbour Group at RBC Dominion Securities with more than $2.8 billion in assets.

“Davis-Rea has a great team and enormous potential,” says O’Connell. “Joining Davis-Rea will give me the opportunity to build the wealth management firm of the future.

“John’s vision for the future is one that we whole-heartedly embrace,” adds Douglas Davis, CEO of Davis-Rea. “This transaction will benefit our clients for years to come.”

Following regulatory approval O’Connell will become Davis-Rea’s chairman and CEO.

IE