CALGARY, Alberta, May 01, 2018 (GLOBE NEWSWIRE) -- Norrep Investment Management Group Inc. (“NIMG”), parent company of Norrep Capital Management Ltd. (“NCM”), is pleased to announce that it has successfully completed the transaction to merge its business with (i) that of Cumberland Partners Limited (CPL), parent company of Cumberland Private Wealth Management Inc., Cumberland Associates Investment Counsel Inc., and their related entities (collectively, “Cumberland”); and (ii) Perron & Partners Wealth Management Corp., Perron Asset Management Inc., and their related entities (collectively, “PPWM”).

The completed merger has resulted in a combined, independently owned investment management firm with approximately $4 billion in assets under management (“AUM”). NCM will continue as a separate company, focused on manufacturing, servicing and managing retail mutual fund products for use by financial advisors and their clients in Canada. With the closing complete, the ultimate shareholders of the three businesses, who are all senior officers, directors or employees of their respective businesses, now collectively own the parent company of the combined businesses.

“We are excited to have NCM as part of our merged organization. We look forward to continuing to enhance our ability to help all clients of the combined companies,” said Charles R. Sims, FCPA, FCA and Chief Executive Officer of CPL.

With the added scale, breadth of ownership, recognized award-winning talent of the investment teams, and a deeper leadership team, NCM believes its business will be better positioned to continue to provide high quality service and investment products designed to provide superior performance over time. 

“The larger AUM is anticipated to provide benefits for financial advisors and investors using NCM’s award-winning products through operational efficiencies and increased access to additional investment management talent, as well as supporting future planned growth initiatives,” said NCM’s Chief Executive Officer, Alex Sasso, CFA. “We look forward to continuing our tradition of investment excellence for all NCM supporters and we want to thank all of the advisors and investors who have entrusted NCM to help reach their financial goals.”

About NCM - Norrep Capital Management Ltd. (“NCM”)
For over 20 years, NCM has been one of Canada’s leaders in actively managed investment products. With an in-house portfolio management team and a family of actively managed funds, NCM has earned multiple awards recognizing its investment success. NCM is an independent Canadian investment firm with offices in Calgary and Toronto, distributing retail mutual funds and related products and services to Canadian investors, through a third party distribution channel. (www.norrep.com)

About Cumberland Partners Limited and its affiliated companies Cumberland Private Wealth Management Inc. and Cumberland Investment Counsel Inc. (“Cumberland Private Wealth”)
Cumberland Private Wealth is a leading, Canadian, independent wealth management firm and trusted advisor for high net worth individuals, their families and foundations with $1 million or more in investable assets. All of Cumberland’s investment mandates are centered on building and preserving clients’ wealth. Founded in 1997 to help individuals and families achieve their lifestyle goals, Cumberland Private Wealth is privately-owned by its employees through Cumberland Partners Limited, and headquartered in Toronto, Ontario. (www.cumberlandprivate.com and www.cumberlandcounsel.com)

About Perron & Partners Wealth Management Corp. and Perron Asset Management Inc. (“Perron & Partners”)
Founded by Gary Perron in 2013, Perron & Partners is an independent wealth management firm in Calgary, Alberta. Perron & Partners has portfolio managers and analysts, operating in both retail and institutional platforms, focusing on providing customized service and expertise to Canadians to assist them in reaching their wealth goals. (www.ppwm.ca)

For More Information:

NCM - Norrep Capital Management Ltd.
Alex Sasso, CEO
T: 416.640.6718
www.norrep.com

Notice to Reader:

Certain information set forth in this press release, including, but not limited to, a discussion of future plans and operations and the anticipated future businesses of NCM and the merged companies, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are based upon assumptions that are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements. Management is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.