A capital pool company that aims to consolidate the boutique wealth management industry reports that its proposed qualifying transaction has been approved.
The Toronto-area firm, which will now be known as Lorne Park Capital Partners Inc., said Wednesday that the TSX Venture Exchange has approved the proposed transaction to merge Big Five Capital Corp. and Bellwether Asset Management Inc. to form Lorne Park. The new firm’s common shares (TSXV:LPC) will commence trading on November 7.
Last week, the firm announced that the proposed amalgamation of Bellwether and Big Five was completed, pending TSXV approval. The deal represents Big Five’s qualifying transaction under the capital pool rules.
Lorne Park says that it “was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost effective investment solutions to affluent investors, foundations, estates and trusts.”
It is headed up by industry veterans Bob Sewell and Steve Meehan, who each own, directly and indirectly, approximately 37.3% of the Lorne Park shares.
Sewell, who is president and CEO, founded Bellwether Investment Management. Before that, he led TD Waterhouse Private Investment Counsel, among various other industry roles.
Meehan co-founded and was the CEO of Investment Planning Counsel Inc. (IPC), which was sold to IGM Financial in 2004. He joined Bellwether in October 2011 and became chairman of LPCP in 2013.
The firm also has former football player, coach and executive, Michael “Pinball” Clemons on board as senior vice president, business development.