Richardson Wealth investment team moving to Purpose as part of partnership

A team of investment managers and researchers from Richardson Wealth Ltd. is moving to Purpose Investments Inc. as part of an asset management partnership, the Toronto-based companies said on Tuesday.

The Richardson Wealth team led by chief investment officer Craig Basinger, which already sub-advises certain Purpose funds, will join Purpose Investments on Sept. 1. Basinger will become Purpose’s chief market strategist.

The team moving to Purpose will continue to provide investment management, advisory, research and publishing services to Richardson Wealth’s advisors and their clients, the release said.

With the addition of Basinger’s team, Purpose will expand its investment management capabilities and enhance its content publishing and research, the firms said.

The team directly manages more than $1.4 billion in assets across several equity and multi-asset class strategies, including the Purpose Tactical Asset Allocation Fund, the Purpose Core Equity Income Fund and the Purpose Behavioural Opportunities Fund.

“We are excited to welcome Craig and his team to Purpose to strengthen our capabilities as we look to accelerate the growth of our business by working closely with advisors and partners across the country,” said Som Seif, founder and CEO of Purpose.

At the asset manager, the team will have access to additional resources that will “accelerate the growth of their advisor-centric investment management, investment research, and portfolio model advisory platform,” the release said.

“This enhanced relationship is a great opportunity to build on each other’s strengths, focus on growth opportunities, share intelligence, and expand offerings to our existing and new clients as part of Purpose,” said Basinger.

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