Toronto-based GMP Capital Inc. announced on Thursday its intention to retain its equity holding in Richardson GMP Ltd., also of Toronto, amid ongoing speculation that the independent wealth management firm would be sold to one of Canada’s big banks.

“In the wake of a consideration of options available, GMP confirms that it will be retaining its investment and, further, that Richardson GMP will be staying the course as the leading Canadian independent in the domestic wealth management space,” according to the announcement.

GMP Capital has a non-controlling ownership interest in Richardson GMP, according to the parent firm’s website.

Photo copyright: Bloomberg