National Bank’s (TSX:NA) wealth management division said Friday that it has completed the final step in fully integrating Wellington West into its operations, with the sale of the Wellington 39-advisor MFDA dealership to Manulife Financial.
“Over the last year we have worked to successfully bring Wellington West’s 170-IIROC-licensed investment advisors and their clients onto the National Bank platform. Today we completed the final step in this integration process, which was to dispose of Wellington West’s MFDA dealership, a non-core business which does not fit into our long term strategy”, said Luc Paiement, executive vice president, National Bank wealth management.
“With this integration completed, and with the 82 IIROC-licensed investment advisor network which we acquired from HSBC Securities (Canada) Inc. in 2011 about to be fully integrated into our platform, our wealth management platform is well positioned for future growth,” he said.