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Toronto-based Echelon Wealth Partners Inc. is returning to its roots by merging with Dundee Securities Ltd. The acquisition will see Echelon’s client assets under management and administration grow to more than $5 billion.

Echelon announced Friday that its parent holding has acquired Dundee Securities from Toronto-based Dundee Global Investment Management Inc. Dundee Securities will be combined with Echelon once the deal closes.

Terms of the transaction were not disclosed.

As part of the acquisition, Echelon is welcoming veteran investment advisor Les Sherman and his team.

“The move to Echelon was the only move I was willing to make. We’ve been approached by several firms over the last two years, but it was Echelon’s stability and capacity for growth that made an impression,” says Sherman in a statement.

Echelon was created in 2016 after its predecessor, Euro-Pacific Canada Inc. acquired a retail brokerage force from Dundee, known as Dundee Goodman Private Wealth. In that transaction, Echelon added 72 advisors and about $3.5 billion in client assets.

Echelon has approximately 58 advisor and portfolio manager teams.