NFP acquires wealth management firm Newport Private Wealth

NFP acquires wealth management firm Newport Private Wealth | Insurance Business Canada

NFP acquires wealth management firm Newport Private Wealth

The P&C broker, benefits consultant, wealth manager and retirement advisor NFP has entered into an agreement to acquire Newport Private Wealth.

A company release from NFP said that the transaction closed on June 30, 2022.

Newport Private Wealth, based in Toronto, is a private wealth management firm with about $4.3 billion in assets under management. The firm has offices in Waterloo, ON; Kingston, ON; Calgary, AB; and Kelowna, BC. Newport offers comprehensive wealth management services, including investment management, estate, retirement and tax planning, insurance solutions, as well as philanthropic advisory services to high-net-worth individuals and families.

The Newport team will continue to operate under the Newport Private Wealth brand, and its senior leadership will remain, including founder partners Douglas C. Brown, president and CEO; Mark A. Kinney, chief investment officer; and David T. Lloyd, chief wealth management officer.  

“The addition of Newport strategically expands NFP’s North American wealth management presence by adding one of the leading organizations and platforms in the space,” said NFP chairman and CEO Doug Hammond, who added that the acquisition brings NFP’s total assets under management to nearly $50 billion.

"We’re delighted to join NFP and be part of a growing global organization dedicated to expanding its wealth management capabilities in North America,” said Newport president and CEO Douglas Brown. “With NFP, Newport will enhance the client experience, with access to additional resources and expertise that will elevate the value we provide. NFP shares our commitment to our clients, employees, partners and brand. We’re excited to bring personalized and expert wealth management services to even more communities as we grow.”  

NFP noted that Brown and the rest of the Newport management team will play an “integral role” in the expansion of NFP’s wealth management operation via the growth and expansion of the Newport Private Wealth brand.

“We’re excited to welcome Doug, Mark, David and the entire Newport team to the NFP family,” said NFP Canada president John Haas. “Newport has differentiated itself in the marketplace by building an investment platform focused on serving clients who want greater control of their wealth.

“By providing a unique private wealth management offering and personalized service experience for clients, Newport squarely aligns with the strong foundation NFP has built in our North American wealth management business. Newport will add tremendous value to NFP and our clients across the wealth spectrum.”

Read more: NFP taps new surety leader for Canada

Last month, NFP appointed John Stewart as senior vice president, surety leader in Canada. Stewart most recently served as senior underwriter at Allianz Trade in North America. Before that, he worked in several underwriting and leadership roles for Liberty International Underwriting / Liberty Mutual Insurance Company and Ally Financial.