Former Grayhawk Investment Strategies co-chief executive Michael Kaumeyer has joined independent money manager Nicola Wealth Management Ltd. to help build a new ultrahigh-net-worth business with the aim of attracting a greater number of families with at least $25-million of wealth.
Vancouver-based Nicola Wealth announced Wednesday that Mr. Kaumeyer will become vice-chair of a new division within the company that has not yet been named. It will focus on specific investment needs for this cohort of investors, as well as intergenerational wealth planning, tax and estate needs and philanthropy.
“This is really about exploring how do we as a firm build deeper, more meaningful relationships with clients and not just with the wealth creators in a family but with spouses and members of the next generation,” Mr. Kaumeyer said in an interview. “Because even if we manage all the money perfectly for the next 20 years, if we haven’t helped the family create that next layer of stewardship and grounded all members within a family then we’re not going to accomplish our goal.”
Nicola Wealth has more than $16.1-billion in assets under management with 180 advisers, associates and insurance professionals in seven offices across Canada. About $3.2-billion of its assets are ultrahigh-net-worth accounts, which are families or foundations that have at least $25-million in assets.
Nicola Wealth president Chris Nicola said in a statement that Mr. Kaumeyer’s expertise will help “elevate” the company’s position among wealthy families across the country.
Mr. Kaumeyer – who will be based out of the firm’s Calgary office – brings a decade of experience working with ultrahigh-net-worth clients. In 2015, he founded Grayhawk, a portfolio-management company that served about 30 of Canada’s richest families. The company grew to $1.5-billion in assets, and grabbed the attention of Power Corp.’s alternative-asset management arm, Sagard Holdings, which purchased a majority stake in Grayhawk in 2020.
Earlier this year, Mr. Kaumeyer left his leadership role at Grayhawk. Shortly after, he began to meet with a dozen of the independent investment companies that focus on family offices and ultrahigh-net-worth clients. But it was Nicola wealth’s leadership team – which is currently undergoing a year-long CEO transition – and its pension-style approach to investing that stood out to Mr. Kaumeyer.
“There are a lot of really good wealth management firms in Canada, but I don’t think any one firm is single-handedly dominating the ultrahigh-net-worth space,” Mr. Kaumeyer said in an interview. “Which means there is a lot of room up for grabs that we can turn into an opportunity.”