Report: Merchant IM Takes Minority Stake in $713M Canadian Advisor SPM

Merchant Investment Management has acquired a minority interest in Canadian financial advisory firm SPM Financial, Citywire reported November 14, citing information provided by SPM.

Ontario, CAN-based SPM, which manages approximately C$1B (~$713M) of assets, did not disclose the specific financial terms of the transaction, Citywire reported, other than to confirm that Merchant has taken a minority, non-controlling interest. 

Merchant’s model is to stake RIAs, and according to its web site it is a minority investor in 84 RIAs, with SPM marking its 85th such investment. The company reportedly took a $500M investment from Sixth Street Partners in late October as part of a $750M capital raise it will use to fuel future expansion. Citywire reported that Merchant indicated it will make additional investments in Canada beyond the SPM deal. 

Merchant did not immediately respond to a request for comment from Dakota. 

Source: https://citywire.com/ria/news/ria-investor-merchant-stakes-713m-canadian-wealth-firm/a2454516