By Michael Dabaie

Guardian Capital Group Ltd. said Wednesday it would acquire BNY Mellon Wealth Management, Advisory Services Inc., Bank of New York Mellon Corp's Canadian-based wealth management business.

Toronto-based Guardian said the acquisition adds more than $5.5 billion Canadian dollars of assets under advisement, of which a large portion relates to assets administered on behalf of ultra-high net worth families. Financial services company Guardian said the deal would expand its current core wealth management capabilities in the ultra-high net worth and family office segment.

Guardian is acquiring the Toronto-based business from Mellon Canada Holding Company, a subsidiary of BNY Mellon. Guardian said it expects the deal to close in the first quarter of 2021.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

December 16, 2020 10:15 ET (15:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Bank of New York Mellon (NYSE:BK)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Bank of New York Mellon Charts.
Bank of New York Mellon (NYSE:BK)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Bank of New York Mellon Charts.