The owner of Chippingham Financial and Rothenberg Group of Cos. Is acquiring the Vancouver-based dealer for more than $100 million
Vancouver-based, employee-owned investment dealer PI Financial Corp. has been sold to financial services industry veteran Gary Ng for more than $100 million in cash through his company, NG Holdings Canada Ltd.
Ng also is chairman and CEO of Toronto-based Chippingham Financial Group and majority owner of Montreal-based financial broker the Rothenberg Group of Cos. He began his career as a futures trader.
The deal, which requires shareholder and regulatory approval, is slated to close on Nov. 30. PI is currently owned by 54 employee shareholders. The firm has more than 300 employees in 16 offices, serving more than 50,000 clients.
Once the deal closes, PI’s founders, Max Meier, who is chairman and CEO, and John Eymann, the firm’s vice chairman, will give up their executive roles at the firm. PI’s current president and chief operating officer, Jean-Paul Bachellerie, will take over as CEO and Ng will become chairman. Meier and Eymann will continue to serve clients and will advise the firm’s management.
“This transaction enables PI to continue to offer independent, experience-driven financial advice to our clients for decades to come,” Meier said in a statement. “Mr. Ng will inject new ideas into the organization that will enable the firm to focus on long-term growth with an emphasis on what is best for our clients.”
“I look forward to working with the existing team to support our clients, who can be assured that there will be continuity of experienced advice and exceptional client service,” Ng said in a statement. “I look forward to spending the coming weeks meeting our advisors and staff across the country and to further developing plans to capitalize on our unique offering for the benefit of our advisors and clients alike.”