Purpose Unlimited acquires Steadyhand, strengthening its position in the investment management sector.
Deal News | Mar 24, 2025 | Globenewswire
Purpose Unlimited Inc., a rapidly growing Canadian financial services firm, has announced an agreement to acquire Steadyhand Investment Management Ltd. and Steadyhand Investment Funds, Inc., an independent investment management company based in Canada. Founded in 2006, Steadyhand manages over $1.3 billion in assets and serves 3,900 investors, focusing on low-cost mutual funds and personalized service. This acquisition will increase Purpose's total assets to over $30 billion and combine Steadyhand's client service with Purpose's advanced technology and investment management capabilities. The merger aims to equip Canadian investors with the necessary tools and advice for financial success. Purpose, led by founder and CEO Som Seif, is dedicated to enhancing financial services through innovative investment solutions and customer service. Tom Bradley, Steadyhand's Chairman and Co-founder, expressed excitement about partnering with Purpose to deliver differentiated investment solutions. Post-acquisition, Steadyhand will merge with Purpose Investments, with Purpose acting as manager and trustee for Steadyhand's investment funds. The acquisition is expected to close in Q2 2025, pending regulatory approvals and stakeholder agreements. Legal advice for the transaction is provided by Osler, Hoskin & Harcourt LLP for Purpose, and McCarthy Tétrault LLP for Steadyhand.
Sectors
- Financial Services
- Investment Management
Geography
- Canada – Both Purpose Unlimited and Steadyhand are Canadian companies, and the focus is on providing investment management services to Canadian investors.
Industry
- Financial Services – The article discusses a transaction in the financial services industry, involving companies specializing in investment management and financial advisory services.
- Investment Management – Steadyhand is an investment management company, and the acquisition by Purpose Unlimited focuses on enhancing investment management services for Canadian investors.
Financials
- 1.3 billion – Assets under management by Steadyhand prior to the acquisition.
- 30 billion – Total assets under Purpose Unlimited after the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Purpose Unlimited Inc. | Acquiring Company | Company | A growing Canadian financial services company offering investment management and advisory services. |
| Steadyhand Investment Management Ltd. | Target Company | Company | An independent investment management company based in Canada, managing $1.3 billion in assets. |
| Som Seif | CEO and Founder of Purpose Unlimited | Person | The Chief Executive Officer and founder of Purpose Unlimited, focused on enhancing financial services through technology. |
| Tom Bradley | Chairman and Co-founder of Steadyhand | Person | The Chairman of the board of directors and co-founder of Steadyhand, dedicated to providing personalized investment solutions. |
| Osler, Hoskin & Harcourt LLP | Legal Advisor for Purpose | Company | Provided legal advice to Purpose Unlimited in the transaction. |
| McCarthy Tétrault LLP | Legal Advisor for Steadyhand | Company | Provided legal advice to Steadyhand in the transaction. |
| Relay Transition Partners | Advisory for Steadyhand | Company | Advised Steadyhand in the transaction. |