Vancouver-based Harbourfront Wealth Management has acquired Calgary-based Cornerstone Investment Counsel Ltd. In a new interview with Investment Executive, Danny Popescu, CEO of Harbourfront, says his firm prioritizes profitability over assets when choosing acquisitions.  

The acquisition “was funded purely through excess cash flow,” Popescu said. He expects the acquisition to increase Harbourfront’s enterprise value by 8% to 10%, and anticipates achieving $10 billion in assets by the end of the year. “We’re hoping for another 25% growth in our enterprise value by the end of 2024 with the other acquisition that we have in the pipeline, as well as our recruiting initiatives.” 

Read more: Harbourfront acquires Calgary portfolio management firm