Harbourfront finalizes investment from U.S. private equity firm

Vancouver-based Harbourfront Group has finalized a strategic investment from a U.S. private equity firm that it will use to recruit advisors and expand.

Harbourfront said it received a “nine-figure” investment from Boston-based Audax Private Equity, which valued the wealth manager at $425 million.

Harbourfront had $4 billion in assets under administration and $1.7 billion in assets under management as of May 30.

Audax acquired a partial interest in Harbourfront, whose management will remain the firm’s key decision-makers, a release said. Harbourfront’s shareholders, primarily its investment advisors, received a special dividend from the transaction.

Harbourfront said it intends to put the investment toward growth through acquisitions, advisor recruitment and technology investment.

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