Assante Corporation
| Public (1999–2003) | |
| Traded as | TSX: LMS (historical) |
| ISIN | 🆔 |
| Industry | Financial services, Wealth management |
| Fate | Acquired by CI Fund Management Inc. |
| Successor | CI Assante Wealth Management |
| Founded 📆 | 1995 |
| Founder 👔 | Martin Weinberg; Michael Nairne |
| Defunct | 2003 (acquired) |
| Headquarters 🏙️ | Winnipeg, Manitoba, Canada |
Area served 🗺️ | |
Key people | Martin Weinberg (CEO); Joe Canavan (CEO, post-acquisition) |
| Members | |
Number of employees | |
| Parent | CI Financial (2003–present) |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Assante Corporation was a Canadian wealth management firm founded in 1995 and headquartered in Winnipeg, Manitoba. The company operated as a publicly traded entity on the Toronto Stock Exchange under the symbol LMS and provided financial planning and wealth management services until its Canadian operations were acquired by CI Fund Management Inc. in 2003.[1][2] At closing, CI reported that the transaction added substantial advisory distribution and fee-earning assets to its business.[3]
History
Formation
Assante was formed in 1995 through a merger of Loring Ward Investment Counsel Ltd. and Equion Group Ltd., bringing together businesses led by Martin Weinberg and Michael Nairne and establishing headquarters in Winnipeg.[4]
Expansion and acquisitions
In the late 1990s and early 2000s Assante expanded by acquiring advisory and specialty businesses in North America. In 1999–2000 the company acquired Steinberg Moorad & Dunn (a sports representation firm) and formed an Assante Sports Management Group; contemporary reporting places the Steinberg transaction at about US$120 million and notes Leigh Steinberg's subsequent leadership role in the sports division.[5][6]
Sale to CI Financial
On 22 August 2003 CI Fund Management announced an agreement to acquire Assante's Canadian operations for a combination of cash and CI shares valued at approximately $846 million; the transaction completed in November 2003 after shareholder and regulatory approvals.[7][8][9] Regulatory filings and decisions related to the plan of arrangement and the spin-off of U.S. operations were considered by Canadian securities regulators.[10]
Operations
Assante provided advisory and wealth management services through a network of affiliated advisors and regulated subsidiaries, offering investment management, financial planning, estate and tax planning, and insurance products. The company operated regulated entities that participated in Canadian securities and mutual fund regulatory frameworks.[11]
Post-acquisition and legacy
After the acquisition Assante's Canadian business continued under CI ownership and the Assante brand was later used within CI's wealth management channel; the business has been referred to as CI Assante Wealth Management in industry profiles.[12]
References
- ↑ "CI Funds goes on buying spree, takes over Assante & Synergy". Advisor.ca. August 22, 2003. Retrieved 2024-12-09.
- ↑ "CI Fund Management snaps up two finance companies". CBC News. August 22, 2003. Retrieved 2024-12-09.
- ↑ "CI Funds completes acquisition of Assante". Investment Executive. November 14, 2003. Retrieved 2024-12-09.
- ↑ "Marty Weinberg (Profile)". The Canadian Encyclopedia. Retrieved 2024-12-09.
- ↑ "Leigh Steinberg Sells Sports Agency". San Francisco Chronicle. October 28, 1999. Retrieved 2024-12-09.
- ↑ "Assante buys basketball agency 06/12/00". Investment Executive. December 6, 2000. Retrieved 2024-12-09.
- ↑ "CI Funds goes on buying spree, takes over Assante & Synergy". Advisor.ca. August 22, 2003. Retrieved 2024-12-09.
- ↑ "CI Fund Management snaps up two finance companies". CBC News. August 22, 2003. Retrieved 2024-12-09.
- ↑ "CI Funds completes acquisition of Assante". Investment Executive. November 14, 2003. Retrieved 2024-12-09.
- ↑ "Assante Corporation and Loring Ward International Ltd. - MRRS Decision". Ontario Securities Commission. November 5, 2003. Retrieved 2024-12-09.
- ↑ "Assante Corporation and Loring Ward International Ltd. - MRRS Decision". Ontario Securities Commission. November 5, 2003. Retrieved 2024-12-09.
- ↑ "CI Assante Wealth Management". Wealth Professional. Retrieved 2024-12-09.
Category:Financial services companies established in 1995
Category:Financial services companies disestablished in 2003
Category:Defunct financial services companies of Canada
Category:Companies formerly listed on the Toronto Stock Exchange
Category:Companies based in Winnipeg
Category:1995 establishments in Manitoba
Category:2003 mergers and acquisitions
History
Founding
Assante was formed in 1995 through the merger of Loring Ward Investment Counsel Ltd., led by Martin "Marty" Weinberg, and the Toronto-based Equion Group Ltd., led by Michael Nairne. Weinberg intended to offer financial advice and wealth management to a broader demographic, utilizing Loring Ward's strategies and Equion's distribution network. The firm established its headquarters at the Commodity Exchange Tower in Winnipeg and recruited a team of accountants, tax lawyers, and analysts.[1][2][3]
Expansion
In the late 1990s, Assante acquired several firms in Canada and the United States, including RWB Advisory Services in San Jose, California. In 2000, the company acquired Steinberg Moorad & Dunn Inc., a sports management agency, for US$120 million. Following the acquisition, agent Leigh Steinberg served as CEO of the Assante Sports Management Group. This expansion increased Assante's client base among NFL players and entertainment figures. By 2001, the company oversaw approximately $26 billion in assets across 23 affiliated firms.[1][2][4]
Acquisition by CI Financial
On August 22, 2003, CI Fund Management announced an agreement to purchase Assante’s Canadian operations for $846 million in cash and shares. The transaction closed in November 2003, transferring approximately 1,000 advisors and $24 billion in assets under administration to CI. Assante’s U.S. operations were spun off into a separate entity, Loring Ward International Ltd. Following the acquisition, Joe Canavan was appointed CEO of Assante Canada.[5][6][7][8]
Business model
Assante primarily serviced high-net-worth clients with investable assets exceeding $500,000. The firm provided integrated services including investment management, tax and estate planning, insurance, and business management.[1][3][2]
Corporate structure
At the time of its acquisition, Assante operated through two primary subsidiaries:
- Assante Capital Management Ltd. – regulated by the Investment Industry Regulatory Organization of Canada (IIROC)
- Assante Financial Management Ltd. – regulated by the Mutual Fund Dealers Association of Canada (MFDA)[3]
Legacy
Following the 2003 acquisition, the brand was renamed CI Assante Wealth Management. As of 2024, it operates as a subsidiary of CI Financial with headquarters in Toronto and over 900 advisors nationally. Martin Weinberg subsequently founded Pavilion Financial Corporation in 2010.[9][10]
Key personnel
| Name | Position | Tenure |
|---|---|---|
| Martin Weinberg | Founder, President and CEO | 1995–2003 |
| Michael Nairne | Co-founder | 1995–2003 |
| Eric Stefanson | Chief Operating Officer | c. 2000–2003 |
| Kish Kapoor | Senior Executive | c. 1995–2003 |
| Joe Canavan | President and CEO | 2003–2009 |
See also
- CI Financial
- Wealth management
- Leigh Steinberg
References
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedcdn-encyclopedia - ↑ 2.0 2.1 2.2 "Marty and the Stars". The Globe and Mail. Retrieved 2024-12-09.
- ↑ 3.0 3.1 3.2 "Assante Corporation and Loring Ward International Ltd. - MRRS Decision". Ontario Securities Commission. Retrieved 2024-12-09.
- ↑ "Assante bulks up with acquisitions". The Globe and Mail. Retrieved 2024-12-09.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedci-acquisition - ↑ "CI Fund Management snaps up two finance companies". CBC News. August 2003. Retrieved 2024-12-09.
- ↑ "CI Funds completes acquisition of Assante". Investment Executive. November 2003. Retrieved 2024-12-09.
- ↑ "CI Assante Wealth Management". Wealth Professional. Retrieved 2024-12-09.
- ↑ "Where's Marty Weinberg now?". Advisor.ca. 2012. Retrieved 2024-12-09.
External links
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