TORONTO, Oct. 5 /CNW/ - Davis-Rea Ltd. today announced that it has entered into a Share Purchase Agreement with John O'Connell to sell 100% of Davis-Rea's privately held shares to Mr. O'Connell's holding company. The transaction is subject to regulatory approval. Details of the transaction were not disclosed.
Davis-Rea Ltd. and its predecessor companies offer discretionary money management services to individuals, companies, institutions and foundations. It currently has over $400 million of assets under management.
"John is one of the leaders in the wealth management industry in Canada," said David L. Rea, Chairman of Davis-Rea. "He built a substantial business over the years and his experience will take our current offering for clients to the next level."
Mr. O'Connell has been in the investment industry for more than twenty-four years as a portfolio manager and investment advisor most recently being a founding partner of the Harbour Group at RBC Dominion Securities with more than $2.8 Billion in assets.
"Davis-Rea has a great team and enormous potential," said Mr. O'Connell. "Joining Davis-Rea will give me the opportunity to build the wealth management firm of the future.
"John's vision for the future is one that we whole-heartedly embrace," said Douglas A.C. Davis, CEO of Davis-Rea. "This transaction will benefit our clients for years to come."
Following regulatory approval Mr. O'Connell will become Chairman and Chief Executive Officer of Davis-Rea Ltd.
Davis-Rea is an independent, employee-owned firm that has been successfully managing money for over 30 years. Our firm has a long standing record of integrity and professionalism with a disciplined, conservative investment philosophy. Davis-Rea's team of patient investors manages for long-term outperformance with a North American focus and global reach. We provide highly personalized service to our individual, foundation, and institutional clients.
Visit our website to learn more about our exciting changes. www.davisrea.com
For further information:
Doug Davis CEO Davis Rea Ltd. 416-961-2494
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