As a part of the strategic arrangement, Matrix has been granted options to acquire equity interests of First Affiliated Holdings and First Affiliated Securities exercisable over a period of time and subject to certain terms and conditions. Matrix has also provided growth capital to First Affiliated Holdings.
A privately owned firm since 1989, First Affiliated offers fee based services and does not sell any product. They consciously maintain a low client to advisor ratios to offer truly personal interaction and service.
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Hence, it is believed that the arrangement will add a new and complementary aspect to Matrix’s already established wealth management business.
Post deal, the First Affiliated team will continue to serve its clients in an independent and objective manner, Matrix said.
"Matrix has been searching for the right opportunity in the high net worth space," stated David Levi, CEO of Matrix Asset Management.
"We recognized First Affiliated as one of the preeminent MFO’s in the industry and we see this as an opportunity to play a role in providing something unique and valuable to Canadian high net worth clients and business owners," Levi added.
