VANCOUVER, March 21, 2016 - PI Financial Corp. (PI) announced today that it has entered into definitive agreements to acquire the client accounts of Wolverton Securities Ltd. (Wolverton) and Global Securities Corporation (Global). Following closing, which the parties expect to complete in June and September 2016 respectively, the Wolverton and Global client accounts and investment advisors will join PI.
“The combination of these three independent Vancouver-based dealers, all with long histories of success, builds upon our national platform and our Western Canadian footprint,” said Max Meier, Chairman & CEO of PI Financial Corp. “Independent dealers are essential to the health of the Canadian capital markets and provide investors unbiased access to a full suite of investments. This transaction reflects PI’s commitment to expanding and strengthening our business.”
Brent Wolverton, Chairman of Wolverton Securities Ltd., said, “As shifting markets continue to challenge us to adapt, we felt the best approach moving forward was a strategic partnership. After careful consideration, we identified PI as the most synergistic opportunity. I feel this is the best way to fulfill our ambitions to accelerate growth, attract top advisors, and continue to offer our clients unique investment options. Above all, we look forward to continuing to champion the right of investors to have independent choice. I look forward to working with PI to bring our expertise in portfolio-based products and responsible investing to a wider group of clients.”
“We are very pleased with the benefits of this agreement to our clients and to our investment advisors. PI’s strong client focus and entrepreneurial culture mirror our own and we expect a seamless transition in the months to come,” said Art Smolensky, Chairman of Global Securities Corporation. “Together we remain committed to the superior service and unique product offerings our clients have come to appreciate. I anticipate that our expertise in the derivatives business will greatly enhance PI’s position in this area. Personally, I very much look forward to working within this new larger framework.”
After the transactions, PI will have over 300 employees, 200 advisors and 40,000 clients across Canada, including over thirty-five advisors registered as Portfolio Managers or Derivatives Portfolio Managers.
Mr. Meier said, “We are excited about our trajectory and are positive about future opportunities for investors in the Canadian capital markets. PI is particularly pleased that Brent Wolverton and Art Smolensky will be joining PI as senior officers, and that Art will continue his career as one of Vancouver’s top investment advisors. Our three firms have a history of integrity, we remain committed to servicing clients and issuers across Canada, and we are dedicated to ensuring that Vancouver remains a vibrant financial center.”
Completion of these transactions remains subject to certain conditions and regulatory approvals.
About PI, Wolverton, and Global
Founded in 1982, PI is a leading Western Canadian based, full-service investment dealer, providing a full range of investment products and services to individual, corporate, and institutional investors. PI is 75.4% employee-owned, and 24.6% owned by National Bank Financial, a subsidiary of National Bank of Canada. PI currently has over 200 employees in its offices in Vancouver, Toronto, Calgary, Winnipeg, Regina, and Victoria.
PI is one of Canada’s top investment banks for small to mid cap Canadian companies and has expertise in the resource, energy, technology, industrial products, transportation, and consumer discretionary sectors.
Wolverton, founded in 1910, has deep roots in Western Canada. Wolverton is a full-service investment dealer offering a wide range of investment services to clients including a growing portfolio advisory offering. Wolverton is a member of the Responsible Investing Association and a champion of the development of responsible investment products. Wolverton has offices in Vancouver, Victoria, Langford, Courtenay, Prince George, Kelowna, Calgary, and Edmonton.
Global was founded in 1987 and has grown to offer a full range of investment solutions with access to major equities and commodity futures markets around the world. An employee-owned firm with locations across Western Canada, Global built its success on establishing relationships with clients based on the highest level of integrity, personalized services, market analysis, and trading expertise.
For more information, please contact:
Richard Thomas, Director & Corporate Secretary
PI Financial Corp.
Tel: (604) 664-3617
Richard Butterworth, CEO
Wolverton Securities Ltd.
Tel: (604) 605-6320
Duncan Boggs, CEO
Global Securities Corporation
Tel: (604) 443-0832