This article originally appeared in Citywire

'They were looking for a firm that would allow them to be fiduciaries,' said QWealth executive partner Clive Cholerton.

Toronto-based Flatiron Wealth Management is joining portfolio management platform Quintessence Wealth (QWealth).

Flatiron is new to Canada’s wealth management scene, having only launched in September. They currently have $180m in assets under management.

‘What [Flatiron] was looking for is really what we had to offer,’ QWealth executive partner Clive Cholerton told Citywire Canada. ‘They were looking for a firm that would allow them to be fiduciaries.’

Cholerton also explained that the Flatiron team is in the process of becoming registered portfolio managers. In the meantime, portfolio management will be handled by QWealth portfolio manager Fabien Ouellete.

This move to QWealth is part of Flatiron’s long-term plan to grow through acquisitions. Cholerton said the team is currently in talks to acquire its first firm.

QWealth has nine partners across British Columbia, Ontario, and Nova Scotia, with $1.3bn in assets under management.

The firm is planning to on board at least two more partners in the coming months, and expects to have approximately $3.5bn in assets under contract by the end of the year.

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