TORONTO, Feb. 16, 2021 /CNW/ - RF Capital Group Inc. ("RF Capital" or the "Company") (TSX: RCG) today announced that Andrew Marsh has decided to step down effective March 31, 2021 as President and Chief Executive Officer of Richardson Wealth Limited ("Richardson Wealth"), a wholly-owned subsidiary of RF Capital.
"I have truly enjoyed the rare opportunity to build the leading entrepreneurial, independent competitor in Canada's wealth management industry," said Mr. Marsh. "As Richardson Wealth embarks on the next chapter, the best thing for me and the firm is to pass the baton to the very capable leadership team currently being assembled by Kish Kapoor. My ongoing role will be as a significant and supportive shareholder, and as an ambassador for Richardson Wealth. I believe the firm we have built together has a very exciting and prosperous future thanks to the spirit and talent of our team, and I will be cheering them on."
During Mr. Marsh's 17 years of leadership at the firm, including 11 as CEO, Richardson Wealth grew to more than $30 billion of assets under management, with a national platform and 19 offices across Canada. Mr. Marsh oversaw the merger of GMP Private Client with Richardson Partners Financial, the acquisition of Macquarie Private Wealth Inc. and the addition of many talented advisors to the firm.
Mr. Marsh was also a key part of the successful transaction last year that transformed GMP Capital Inc. into RF Capital and consolidated 100% of the Richardson Wealth business under the RF Capital umbrella. That milestone transaction positioned the business as the destination of choice for Canada's top advisors and the leading choice for Canadians opting for non-bank providers of holistic wealth-management solutions.
"On behalf of the Board of RF Capital and all Andrew's colleagues, friends and partners, we thank him for his years of service and wish him well in whatever he chooses to do next," said Kish Kapoor, President and Chief Executive Officer of RF Capital. "We understand and respect his wish to move on. He will leave a strong foundation for us to build on and I know we will continue to benefit from the great relationships he has developed across the wealth management industry. In the coming weeks Andrew and I will work together on a seamless transition and a leadership structure to drive continued growth at Richardson Wealth."
Hartley Richardson, President and Chief Executive Officer of James Richardson & Sons, Limited, which through its subsidiary Richardson Financial Group Limited, is the largest shareholder of RF Capital, said, "For over a decade, we have worked closely with Andrew in the development of Canada's preeminent independent wealth management firm Richardson Wealth, so Andrew's decision to retire as CEO is a significant event in the life of our firm. Change brings opportunities and we are excited by the future we see ahead of us, building on the strong foundation that Andrew helped create. We are delighted that Andrew will remain a strong and important member of the firm's shareholder group, we thank him for his leadership and friendship, and we wish him all the best as he moves on to new endeavours."
ABOUT RF CAPITAL GROUP INC.
RF Capital Group Inc. (RF Capital) currently operates through two business segments: Wealth Management and Operations Clearing; and a Corporate segment. Wealth Management consists of RF Capital's wholly owned subsidiary Richardson Wealth. Richardson Wealth is one of the largest independent wealth management firms in Canada with $30.6 billion in assets under administration (as at January 31, 2021) and 19 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for each high net worth or ultra-high net worth client family, entrepreneur or business owner. Operations Clearing, through RF Securities Clearing LP, provides carrying broker services to Richardson Wealth and other third parties, including trade execution, clearing, settlement, custody, and certain other middle- and back-office services, and other expenses associated with providing such services. RF Capital is listed on the Toronto Stock Exchange under the symbol "RCG". For further information, please visit our corporate website at www.rfcapgroup.com.
SOURCE RF Capital Group Inc.
For further information: RF Capital Group Inc., Rocco Colella, Managing Director, Investor Relations, Tel: (416) 941-0894;, [email protected]