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Echelon Wealth Partners Inc. is acquiring Dundee Securities Ltd., adding almost $1-billion in assets under administration and management.

Toronto-based Echelon announced on Friday morning that it has acquired Toronto-based Dundee Securities Ltd. from Dundee Global Investment Management Inc., and will amalgamate the firm with Echelon Wealth upon closing on Friday. Part of the deal will see two prominent advisers – Les Sherman and Steve Laciak – join Echelon.

The sale price was not disclosed and Dundee declined to comment on the acquisition.

The deal comes three years after Dundee Securities initially sold Echelon (formerly Euro Pacific Canada) its retail brokerage arm, Dundee Goodman Private Wealth. That acquisition saw Euro Pacific increase its overall assets under administration to $4.2-billion and triple its overall adviser head count to 78. Echelon chief executive David Cusson says he was interested in the entire operation back in 2015, but it wasn’t on the table as Dundee wanted to maintain a portion of the wealth-management business.

Mr. Cusson says he stayed in contact with the firm until “timing was right” for Dundee to approach with a second acquisition.

Dundee Goodman was a well-known name for many Canadian investors when Dundee Corp. ran a 900-person retail advisory firm, DundeeWealth, and a $50-billion fund-management business, Dynamic Funds, both of which were sold to the Bank of Nova Scotia in 2011.

Upon completion of the deal, Echelon will have approximately 60 investment advisers and manage more than $5-billion in assets.

Dundee Corp. will continue to operate the Goodman and Company investment counsel and Dundee private equity.

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