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Property and Casualty Broker NFP Acquires Newport Private Wealth in Toronto.

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MANews-(C)2009-2022

Canadian property and casualty broker, benefits consultant, wealth manager and retirement advisor NFP has entered into an agreement to acquire Toronto-based private wealth management firm Newport Private Wealth Inc., NFP said.

Newport Private Wealth has approximately USD 4.3bn in assets under management and offices in Waterloo, ON; Kingston, ON; Calgary, AB; and Kelowna, BC.

Newport provides comprehensive wealth management services, including investment management, estate, retirement and tax planning, insurance solutions, and philanthropic advisory services to high-net-worth individuals and families.

The transaction closed on June 30, 2022.

The company will continue to operate under the Newport Private Wealth brand, and Newport's senior leadership team will remain at the helm, including the company's three founding partners, Douglas C. Brown, president and CEO; Mark A. Kinney, chief investment officer; and David T. Lloyd, chief wealth management officer.

Brown and the Newport management team will play an integral role in the expansion of NFP's wealth management operation through the growth and expansion of the Newport Private Wealth brand.

The firm will work with NFP's leadership team to recruit top talent, integrate acquisitions and build complementary capabilities across the country.

NFP is an...

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