DundeeWealth, a Canadian wealth management business, said it has completed two acquisitions designed to diversify its distribution platform in Canada and the US.

The firm has finalised its purchase of 60 per cent of Toronto-based institutional money manager Aurion Capital Management. In a separate transaction, meanwhile, DundeeWealth acquired 89 per cent of BHR Fund Advisors, a US-based mutual fund manager and distribution platform founded in 2006.

The majority stake in Aurion was purchased with a mix of cash and common shares that totalled approximately $26 million and is subject to a three-year completion agreement tied to asset retention. The remaining 40 per cent of the company will be held by Aurion employees.

DundeeWealth announced it had entered into an agreement to acquire the highly regarded institutional money manager in May.

BHR was acquired in exchange for cash, a portion of which is subject to a one-year completion agreement tied to asset growth targets. The remaining 11 per cent of the company will be held by BHR management. BHR, located in the Philadelphia area, is a registered investment advisor .

DundeeWealth is a Canadian-owned, independent wealth management company that oversees more than $63.1 billion in assets under management and administration.