John O'Connell, co-founder of Toronto-basedThe Harbour Group, has entered into an agreement to acquire boutique Davis-Rea. The high profile Harbour Group team, part of RBC Dominion Securities, manages more than C$2.8 billion in assets.

The transaction is subject to regulatory approval. Details were not disclosed.

"John is one of the leaders in the wealth management industry in Canada," David Rea, chairman of Davis-Rea, said in a statement.

Following regulatory approval O'Connell, who is leaving Harbour, will become chairman and chief executive.

Davis-Rea offers discretionary money management services to individuals, companies, institutions and foundations.  It currently has more than C$400 million in assets under management.