Joe Oliver returns to Bay Street as Echelon Wealth Partners chair

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Former federal finance minister Joe Oliver is back on Bay Street as chairman of independent investment dealer Echelon Wealth Partners Inc.

Mr. Oliver is taking a rainmaker role at an employee-owned brokerage house with a focus on raising money for small-to-mid-sized companies that the former Conservative cabinet minister believes are neglected by Canada's bank-owned dealers.

"This is an exciting opportunity to work with experienced professionals dedicated to growing an independent investment firm that serves both the investing public and the innovative companies in Canada," Mr. Oliver said in a news release. Along with working with clients, Mr. Oliver will deal with regulatory issues and be the public face of Toronto-based Echelon.

Mr. Oliver spent the early part of his career at a number of global and domestic investment banks. He then ran regulatory agencies as chief executive of the Investment Dealers Association of Canada and founding CEO of the Mutual Fund Dealers Association before going into politics. He held cabinet positions as minister of finance and natural resources.

"The structure of the Canadian capital markets changed dramatically with the direct involvement of the chartered banks," Mr. Oliver said. "More than ever, independent firms can play a crucial role in the financial markets and in enhancing prosperity for both clients and for the Canadian economy."

Echelon is home to approximately 100 financial advisers who oversee $4-billion in assets, with 10 offices in Canada and Japan. The firm was created in part through the acquisition of asset-management businesses from Dundee Securities Ltd. in 2016, and is owned by employees and entrepreneur Miles Nadal, who invested $27-million to help finance the Dundee purchases.

"We are absolutely delighted that someone of Mr. Oliver's scope and depth of knowledge, wisdom and experience has chosen to join our firm," said David Cusson, CEO of Echelon. "With Joe aboard, we will have a strong voice representing the value of robust independent investment firms in Canadian capital markets."

Mr. Oliver takes over as chairman of Echelon from co-founder Campbell Deacon, who is stepping down for health reasons after more than three decades in leadership roles in the investment industry. Mr. Deacon will retain an advisory role at the firm.

In his life before politics, Mr. Oliver was an investment banker at global dealer Merrill Lynch Canada Inc., a predecessor to bank-owned BMO Nesbitt Burns Inc. and leading independent dealer First Marathon Securities, now owned by National Bank.