On June 30, 2022, National Financial Partners Corporation announced the acquisition of Newport Private Wealth Inc.
Under the agreement, National Financial Partners Corporation (“NFP”) has acquired all assets of Newport Private Wealth Inc. (“Newport”). Newport will continue to operate under its current name, and its leadership team of Douglas Brown (president and CEO), Mark Kinney (chief investment officer), and David Lloyd (chief wealth management officer) will remain in place. Financial terms of the deal were not disclosed.
NFP, based in New York, is an insurance brokerage and wealth management firm. It had approximately $50 billion in assets under management as of July 1, 2022.
Toronto-based Newport is one of Canada’s largest private wealth management firms with $4.3 billion in assets under management as of June 30, 2022.
To read the press release: please click here.