Wellington-Altus secures additional $40M funding from Cynosure Group

CPE News

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CPE News (12.7.2023) – Wellington-Altus Financial Inc. has raised $40 million in a second-round growth equity investment from The Cynosure Group.

In November 2021, Wellington-Altus Financial Inc. announced up to $85 million minority growth equity investments from The Cynosure Group and Jessiman Family Investments (JFI). Cynosure and JFI became minority owners of Wellington-Altus and will join the company’s board of directors.

Since its first investment in 2021, Cynosure increased its minority ownership stake to 15%, underscoring its commitment and confidence in the future of Wellington-Altus.

More than 70% of Wellington-Altus Financial shares are continuing to be held by founders, advisors, and management team.

Founded in 2017, Wellington-Altus Financial is the parent company to Wellington-Altus Private Counsel, Wellington-Altus USA, Wellington-Altus Insurance, Wellington-Altus Group Solutions, Wellington-Altus Asset Management, Wellington-Altus Private Wealth, and Wellington-Altus Shared Services.

Tracing its roots to the Eccles family of Utah, The Cynosure Group is an independent alternative asset manager and portfolio advisor that makes long-term investments on behalf of families, foundations, and other like-minded institutions.

photo credit: Wellington-Altus

News Release

Wellington-Altus Attracts Additional Capital to Fuel Parabolic Growth

WINNIPEG, MB, TORONTO, and MONTREAL, Dec. 7, 2023 /CNW/ – Wellington-Altus Financial Inc. (Wellington-Altus), parent company to Canada’s top-rated wealth management company*, announced today that it has attracted $40 million in a second-round growth equity investment from The Cynosure Group (Cynosure).

As another milestone fueling Wellington-Altus’ #UnstoppableMomentum, this investment supports the firm’s parabolic growth through the addition of top wealth advisors and portfolio managers across the country. The company surpassed $25 billion in assets under administration in only six years, was recently ranked as one of The Globe & Mail’s Top Growing Companies and doesn’t anticipate slowing down.

“We’ve experienced tremendous growth over the past six years, and this investment enables us to bring even more outstanding wealth management practices into the fold,” says Shaun Hauser, Founder & CEO of Wellington-Altus. “We are fortunate to have an experienced, quality partner in this venture with Cynosure – an organization that uniquely understands the dynamics of the business and the importance of delivering an unparalleled experience to our clients and advisors.”

Wellington-Altus is driven by a strong culture of ownership, with more than 70% of shares held by partners. Since its first investment in 2021, Cynosure increased its minority ownership stake to 15%, underscoring its commitment and confidence in the future of Wellington-Altus.

“We are thrilled to continue to support Wellington-Altus in their growth trajectory,” says Andrew Braithwaite, Managing Director of the Cynosure Group. “We believe Canada is in the early stages of a very long-term advisor independence trend. Over the past few years, Wellington-Altus has invested heavily in its platform to serve its advisors and clients better. What they have built will allow them to capture this tremendous market opportunity and be the Canadian leader in advisor independence for years to come.”

“With our sights set on our next medium-term goal of $50 billion in assets, this marks an important inflection point in our company,” says Wellington-Altus Founder & Chair, Charlie Spiring. “Cynosure has been an amazing partner on our journey, and this huge vote of confidence bolsters our rock-solid balance sheet and helps propel our growth to the next level.”

About Wellington-Altus Financial

Founded in 2017, Wellington-Altus Financial (Wellington-Altus) is the parent company to Wellington-Altus Private Counsel, Wellington-Altus USA, Wellington-Altus Insurance, Wellington-Altus Group Solutions, Wellington-Altus Asset Management, and Wellington-Altus Private Wealth —the top-rated* wealth advisory company in Canada and one of Canada’s Best Managed Companies. With more than $25 billion in assets under administration and offices across the country, Wellington-Altus identifies with successful, entrepreneurial advisors and portfolio managers and their high-net-worth clients.

The Cynosure Group

Tracing its roots to the Eccles family of Utah, The Cynosure Group is an independent alternative asset manager and portfolio advisor that makes long-term investments on behalf of families, foundations, and other like-minded institutions. Cynosure’s collaborative solutions focus on alternative asset classes that range from select direct investment opportunities in profitable small to mid-sized companies, to comprehensive portfolio construction and allocations. To find out more about Cynosure, please visit their website: https://cynosuregroup.com/.

*Investment Executive 2023 Brokerage Report Card

SOURCE Wellington-Altus Financial Inc.

For further information: For Media Inquiries: Kristy Kenny, Senior Manager, Marketing Communications, Wellington-Altus, 647.977.2069, kristy.kenny@wellington-altus.ca