Professional Investment Services (PIS) has sold its Canadian business to a North American-based financial services firm for an undisclosed sum.
"We were approached by an organisation called Global, who was known by our CEO, about whether we were interested in actually selling," PIS managing director Grahame Evans told InvestorDaily.
"We weren't at the time but from our perspective with everything else that's going on it was something we should actually consider. The price is confidential - we actually sold it for more than we bought it for so that was a good result."
Most of the staff from PIS Canada has moved across under Global, with only three or four redundancies, Evans said.
Despite its exit from the Canadian market, PIS may revisit opportunities in the region at a later date, he said.
"Whilst it's on the backburner, it's certainly not off our agenda," Evans said.
PIS' exit from the Canadian advice market now enables the firm a greater opportunity to focus on its Asia Pacific group, he said.
The firm already has a number of new business opportunities in Singapore, Hong Kong and Malaysia.
"Singapore is going along extremely well we see that opportunity in Singapore with the changes in their market up there as being a great business. It's a leader in that market and has led since it came into the market so that's very positive," Evans said.
"We've done a lot of work in Malaysia, and we've got a new CEO, and that business again is going from strength to strength. That market itself, as the world moves out of the GFC (global financial crisis) is really in a great position to grow as well.
"In Hong Kong we've still got our small operations there, talking to another potential partner to work with in Hong Kong on the accountancy side."
