BNY Mellon (BK) to Sell Canada Wealth Business to Guardian

The Bank of New York Mellon Corporation’s BK Canada-based wealth management business, BNY Mellon Wealth Management, Advisory Services, Inc. (“WMAS”), is set to be acquired by Guardian Capital Group Limited. Closing of the deal is expected in first-quarter 2021 and is subject to regulatory approvals.

WMAS has been a pioneer in creating the multi-family office and endowment service in Canada.

The acquisition is anticipated to help Guardian expand its current core wealth management capabilities in the ultra-high net worth and family office segment. Moreover, the transaction will likely add $5.5 billion of assets under advisement.

Guardian’s president and CEO,