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Turning down bids, Richardson GMP opts to expand from within Add to ...

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One of Canada’s wealthiest families and a leading investment bank showed their faith in the wealth management industry Thursday, as the owners of Richardson GMP Ltd. opted to turn down a $600-million payday and aggressively build up the country’s largest independent brokerage firm.

Winnipeg’s Richardson clan and GMP Capital Inc. co-own Richardson GMP with the firm’s 900 employees and have been debating the firm’s future for several months. Years ago, the owners struck a deal that allows each to sell their stakes after Nov. 15, 2016. Ahead of that deadline, the owners reviewed all options, including talks with potential buyers, spinning off the business through an initial public offering or sticking with the status quo.

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