Wealth Managers Echelon and PI Financial Agree to Merger

Toronto-based wealth management and capital markets firm Echelon Wealth Partners plans to combine its operations with Vancouver-based independent investment firm Pi Financial.

The “merger of equals”, including the affiliates of both companies, will create a leading investment advisory, wealth management and capital markets firm in Canada.

This will be done after the company has submitted an application to the regulator to change its current ownership status. If approved, PI and Echelon will have common ownership from April 1, 2023.

Following the change of ownership, the two companies plan to consolidate their operations, which is expected to take place by early next year.

The combined entity has over 550 employees, including 210 investment advisors and over 80 capital markets professionals.

It will have over $12 billion in client assets and significant employee ownership.

The remaining ownership will be split between RCM Capital Management and Miles Nadal, Founder and Executive Chairman of Peerage Capital.

David Cusson, CEO and Director of Echelon, will become CEO and Jean-Paul Bachellerie, Chairman and CEO of PI, will become President and COO of the combined company.

The proposed merger has not yet received regulatory approval.

Cusson said:

“I have great respect for Jean-Paul and his team and the extraordinary company they have built. We look forward to leveraging it to build even greater value for our clients.

“With a shared, purpose-driven approach that emphasizes entrepreneurship and collaboration, we have a strong foundation for successful integration.”