Purpose Unlimited Inc. has announced its intentions to acquire Canadian wealth management and investment firm Steadyhand Investment Management Ltd. and Steadyhand Investment Funds, Inc.
In a press release Monday, Purpose Unlimited announced the binding agreement to acquire all the issued and outstanding shares of the Vancouver-based Steadyhand. Steadyhand has around $1.3 billion in assets under management serving about 3,900 investors. According to the release, the acquisition will bring Purpose’s total assets to more than $30 billion.
The transaction, subject to closing conditions, including regulatory approvals, is expected to close in the second quarter.
“Purpose is focused on improving the financial services experience through technology, innovative investment solutions, and a deep commitment to client service, so that it’s easier for Canadians to reach their financial goals,” Som Seif, the CEO and founder of Purpose said in the release.
“Tom Bradley and the Steadyhand team share our passion for exceptional client service and goal-based investing, and we’re excited to bring their team onboard to accelerate our vision to empower more people to take control of their financial futures and build lasting success.”
Going forward, the release said the companies will focus on providing investment solutions for individuals and families looking for wealth management services.
“Purpose shares our vision of offering Canadian investors a fresh alternative—one that empowers them with cutting-edge technology and personalized service, instead of making trade-offs between high fees or impersonal service that doesn’t reflect their financial needs,” Tom Bradley, chair and co-founder of Steadyhand, said in the release.
He added that Steadyhand had been “pursing” opportunities to partner with a “leading firm that will create long-term value for our clients.”
