Vancouver-based Harbourfront Group has finalized a strategic investment from a U.S. private equity firm that it will use to recruit advisors and expand.
Harbourfront said it received a “nine-figure” investment from Boston-based Audax Private Equity, which valued the wealth manager at $425 million.
Harbourfront had $4 billion in assets under administration and $1.7 billion in assets under management as of May 30.
Audax acquired a partial interest in Harbourfront, whose management will remain the firm’s key decision-makers, a release said. Harbourfront’s shareholders, primarily its investment advisors, received a special dividend from the transaction.
Harbourfront said it intends to put the investment toward growth through acquisitions, advisor recruitment and technology investment.