Wealthy family adviser Forthlane Partners acquires June Inc. to build $2-billion platform

Wealth manager Forthlane Partners Ltd. acquired rival June Inc. on Wednesday to scale up an outsourced chief investment officer platform that serves the country’s richest families.

Toronto-based Forthlane, led by former TD Securities head of investment banking Robbie Pryde, will have over $2-billion of assets under management now that founder June Ntazinda and her clients at June are in the fold. Forthlane had $500-million of assets when Mr. Pryde joined the firm two years ago.

Forthlane and June provide sophisticated, independent financial advice to wealthy families that want personalized service but cannot justify the cost of hiring a chief investment officer to run their investments.

“This acquisition represents an important step in Forthlane’s growth,” said Mr. Pryde in a press release. He said acquiring Toronto-based June “enhances our ability to serve ultra-high-net-worth families and foundations with increasingly complex investment needs.”

Ms. Ntazinda launched her company 12 years ago. Prior to that, she was CEO of wealth manager i3 Advisors Inc. for six years.

“Forthlane shares our commitment to independence, disciplined investing and putting clients’ interests first,” said Ms. Ntazinda. She will be a partner and vice-chair of Forthlane.

The white-glove services wealthy families receive from an outsourced chief investment officer include strategic asset allocation, global manager research and selection, and portfolio risk management.

Forthlane and June did not disclose financial terms of the transaction.

Forthlane and June hired investment banks TD Securities Inc. and Origin Merchant Partners as financial advisers and law firms Wildeboer Dellelce LLP and CCSB Law.