Asset management business expands into Canada
TORONTO, May 5, 2016 /CNW/ - Foresters Financial™, the Toronto-based international financial services provider, announced yesterday, May 4, 2016, the completion of an agreement with Proj Fox Acquisition Inc. to acquire 100 per cent of the shares of Aegon Capital Management Inc. and Aegon Fund Management Inc. All required Canadian regulatory approvals have been received.
As of today, Aegon Capital Management Inc. (ACM) will become Foresters Asset Management Inc. (FAM) and Aegon Fund Management Inc. (AFM) will become Foresters Financial Investment Management Company of Canada Inc. (FFIMCO). The names of the imaxxFunds™ have not changed as a result of the acquisition.
"This is an exciting time for Foresters Financial and an important move to strengthen not only our Canadian product offerings but also the overall growth of our investment business," said Bill Lipkus, President and CEO, Foresters Financial Holding Company Inc. "This acquisition strengthens our market position in Canada, providing immediate access to a comprehensive retail distribution network and the ability to significantly expand the financial solutions and products we offer in Canada."
Through the transaction, Foresters Financial has acquired ACM's third-party business, imaxx mutual funds, and will continue managing the investments backing the segregated products, general account and corporate assets of ivari™. As of December 31, 2015, the entities involved in the transaction had funds under management totaling approximately CAD $44 billion.
The transition of FAM and FFIMCO to Foresters Financial will continue throughout the next six months. For information on ACM/FAM visit www.forestersassetmgmt.com. For information on imaxxFunds visit www.imaxxwealth.com.
About Foresters Financial
Foresters Financial is an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. Foresters Financial has assets of almost $14 billion, total funds under management of almost $34 billion and a surplus of $2.3 billion (all figures in Canadian dollars as of December 31, 2015). For more information, visit www.foresters.com.
Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries. 413762 CAN (05/16)
™imaxx, imaxxFunds and imaxxwealth are trademarks of Foresters Financial Investment Management Company of Canada Inc.
™ivari and the ivari logos are trademarks of ivari Canada ULC. ivari is licensed to use such marks.
For further information: Lori Abbott, Foresters Financial, 416-429-3000 ext. 4763, 800-461-8431 ext. 4763, [email protected]; Andrew Berwick, Foresters Asset Management, 416-883-5551, [email protected]