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Harbourfront Wealth Group will distribute about $1-billion to its advisors, employees and other shareholders after a strategic investment from Boston-based private equity firm Berkshire Partners, says Danny Popescu, founder and executive chair at the Vancouver-based wealth manager.

Harbourfront didn’t provide details about the size of Berkshire’s investment or stake in the independent wealth manager, but Mr. Popescu says, “We’re comfortable sharing that approximately $1-billion will go to shareholders.”

Advisors have been given the option of selling their shares to Berkshire in exchange for cash or rolling them over “so they can continue to grow their business,” he says.

The deal also allows Harbourfront to invest further in technology and human resources from operating cash, he adds.

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Read the article on the Globe and Mail website: Harbourfront Wealth says it will return $1-billion to shareholders after U.S. private equity deal – The Globe and Mail
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