BK - BNY Mellon to sell its Canadian wealth management business to Guardian Capital

Guardian Capital Group (GCAAF) reaches an agreement with The Bank of New York Mellon ([[BK]] +0.2%) to acquire its Canada-based wealth management business, BNY Mellon Wealth Management, Advisory Services ((WMAS)).The acquisition adds more than $5.5B of assets under Guardian Capital's wealth management, broadly strengthening its ultra-high net worth and family office segment."WMAS is a quality organization that complements our approach and values. Our heritage of working with ultra-high net worth families, and the consistency of our approach and principles will pave the way forward together," says Guardian Capital's president and CEO George Mavroudis. However, the transaction is subject to regulatory approvals and is expected to close in Q1 2021.

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BNY Mellon to sell its Canadian wealth management business to Guardian Capital