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Pedestrians are seen at the intersection of King and Bay Streets in Toronto, Monday October 29/2012.
Pedestrians are seen at the intersection of King and Bay Streets in Toronto, Monday October 29/2012.
(Kevin Van Paassen/The Globe and Mail)

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Richardsons, GMP scrap buyout plan

Brokerage GMP Capital Inc. and Winnipeg’s billionaire Richardson family spent the past few years building a vast network of financial advisers, with a 2014 deadline for GMP to make an offer to buy out the Richardsons. Now the two sides are backing away from that plan.

The fate of independent wealth management firm Richardson GMP is now in the hands of six board members.