Close up of businessman hands making handshake - greeting, dealing, merger and acquisition concepts

Harbourfront Wealth Management Inc. is acquiring the private wealth division of Vertex One Asset Management Inc. Both firms are based in Vancouver.

Terms of the deal, which is subject to regulatory approval, were not disclosed, but Danny Popescu, president and CEO of Harbourfront, stated in an email that the acquisition would “boost Harbourfront’s already growing asset base” and enhance the firm’s institutional accounts business.

Dave Wallin, vice president of Vertex One’s private wealth division, will join Harbourfront along with the rest of Vertex One’s private wealth team. Wallin will retain oversight of Vertex One’s private clients, which include family offices and high net-worth families. Wallin joined Vertex One in March 2002.

“We’re pleased to welcome Dave Wallin to the Harbourfront group of companies,” Popescu said. “The employees from Vertex One who will be joining our firm share a similar culture to our group and we’re excited to welcome them to the family.”

Last year, Harbourfront grew its assets under management by more than 80%. This year, the firm hopes to add an additional $2 billion in assets. It has been adding about one team per month, Popescu said.

In August 2019, Vancouver-based PenderFund Capital Management Ltd. acquired five investment funds from Vertex One. PenderFund had been appointed as sub-advisor for three of the funds in July 2019.

Then, in October 2019, Toronto-based Picton Mahoney Asset Management acquired five hedge and alternative investment funds from Vertex One.