| Company type | Public (1999–2003) |
|---|---|
| TSX: LMS (historical) | |
| Industry | Financial services Wealth management |
| Founded | 1995 |
| Founder | Martin Weinberg Michael Nairne |
| Defunct | 2003 (acquired) |
| Fate | Acquired by CI Fund Management Inc. |
| Successor | CI Assante Wealth Management |
| Headquarters | Winnipeg, Manitoba, Canada |
Key people | Martin Weinberg (Founder, CEO) Michael Nairne (Co-founder) Joe Canavan (CEO post-acquisition) |
| Products | Financial planning Investment management Estate planning Insurance |
Number of employees | ~3,000 (at peak) |
| Parent | CI Financial (2003–present) |
Assante Corporation was a Canadian financial services company founded in 1995 and headquartered in Winnipeg, Manitoba. At its peak, it was one of Canada's largest non-bank-owned wealth management firms, administering over $27 billion in assets for more than 500,000 clients through a network of over 3,000 employees and financial advisors. [1] The company was listed on the Toronto Stock Exchange under the symbol "LMS". In 2003, Assante's Canadian operations were acquired by CI Fund Management Inc. for $846 million, and it continues to operate as CI Assante Wealth Management, a subsidiary of CI Financial Corp. [2]
Assante Corporation was created in 1995 through the merger of two Winnipeg-connected firms: Loring Ward Investment Counsel Ltd., founded by Martin "Marty" Weinberg, and the Toronto-based Equion Group Ltd., led by fellow Winnipegger Michael Nairne. [1] [3] The company's name was derived from the word "Asante" featured in Disney's 1994 animated film The Lion King , which means "thank you" in Swahili. [3]
After being rejected by Great-West Life Assurance Company early in his career—reportedly told he was "far too aggressive" to survive at a large corporation—Weinberg developed a vision for democratizing high-end financial advice that had previously been accessible only to the very wealthy. [1] When he sought partners on Bay Street in the early 1990s, he was repeatedly rebuffed until finding a receptive audience in Nairne, whose Equion Group provided the distribution network to mass-market Loring Ward's investment products and tax-planning services. [1]
The company established its headquarters at the Commodity Exchange Tower, 360 Main Street in Winnipeg, Manitoba, an unusual choice for a major financial services firm that typically would have been based in Toronto. [4] Weinberg assembled what observers described as a "brain trust" of accountants, tax lawyers, and financial analysts, predominantly fellow Winnipeggers. [1]
Assante pursued an aggressive acquisition strategy throughout the late 1990s and early 2000s. The company's first American acquisition came through RWB Advisory Services, a San Jose, California-based investment counselling firm. [1] The company then expanded into sports and entertainment management through several high-profile acquisitions of California-based business management firms.
In October 2000, Assante acquired Steinberg Moorad & Dunn Inc., one of the world's best-known sports management agencies, for a reported US$120 million. [1] [3] The agency's co-founder, Leigh Steinberg, was the real-life inspiration for the character portrayed by Tom Cruise in the 1996 film Jerry Maguire . [1] Following the acquisition, Steinberg became chief executive of Assante Sports Management Group. The deal gave Assante representation of approximately half of the starting NFL quarterbacks on any given Sunday, including Troy Aikman of the Dallas Cowboys and Drew Bledsoe of the New England Patriots. [1]
Through its various acquisitions, Assante's client roster came to include celebrities such as David Letterman, Tom Cruise, Michael J. Fox, Roseanne Barr, and NFL stars Emmitt Smith and Deion Sanders. [1] [5] The company positioned itself as a comprehensive "chief financial officer" for high-net-worth individuals and celebrities, managing all aspects of their financial lives. [1]
By 2001, Assante had grown to employ approximately 3,000 people, serving over 500,000 clients with assets totalling $26 billion under administration. The company operated as an umbrella organization for 23 smaller firms. [5]
On August 22, 2003, CI Fund Management Inc. announced the acquisition of Assante Corporation's Canadian operations in a deal valued at $846 million, consisting of approximately $571 million in CI shares (about 42.6 million shares) and $275 million in cash. [2] [6] The acquisition was completed in November 2003 and included approximately 1,000 financial advisors administering $17 billion in assets, as well as an investment management business with $7 billion in assets under management. [7]
Following the sale, Assante's U.S. operations were spun off into a separate company, Loring Ward International Ltd., with Weinberg serving as chairman and CEO until his departure in 2004. [8] Joe Canavan, formerly president and CEO of Synergy Asset Management (which CI acquired simultaneously), was appointed president and CEO of Assante Corp. and Assante Canada. [9]
Assante targeted high-net-worth individuals—typically those with $500,000 or more in investable assets—offering a comprehensive, multidisciplinary approach to wealth management. [1] The company's services encompassed financial planning, investment advice, estate and succession planning, insurance, tax planning, and business management services. [4]
The company's business model emphasized integrated financial services, breaking down traditional silos between investment management, tax planning, and insurance. This approach was innovative for its time and aimed to provide clients with holistic financial management similar to what institutional investors received. [3]
Assante operated through two primary dealer subsidiaries: [4]
Following the CI Financial acquisition, the company was rebranded as CI Assante Wealth Management. As of 2024, it remains one of Canada's largest wealth management firms, supporting over 900 advisors who oversee approximately $46–69 billion in assets for clients and their families nationwide. [10] The company's headquarters relocated to Toronto at 15 York Street, though it maintains advisor offices across Canada, including in Winnipeg.
Martin Weinberg went on to found several other financial services ventures, including Pavilion Financial Corporation in 2010, an institutional investment consulting firm that grew to become the world's 13th-largest in its field before being sold to Mercer (a division of Marsh McLennan) in 2018. [11] [8]
| Name | Position | Tenure |
|---|---|---|
| Martin Weinberg | Founder, chairman, President and CEO | 1995–2003 |
| Michael Nairne | Co-founder (via Equion Group) | 1995–2003 |
| Eric Stefanson | Chief Operating Officer | c. 2000–2003 |
| Kish Kapoor | Senior executive | c. 1995–2003 |
| Joe Canavan | President and CEO | 2003–onwards |
