QUEBEC CITY, Sept. 18, 2015 /CNW Telbec/ - Industrial Alliance Insurance and Financial Services Inc. (Industrial Alliance or iA Financial Group) is pleased to announce the signing of an agreement to acquire FIN-XO Securities. This transaction is consistent with iA Financial Group's strategy to grow its wealth management business. Following the transaction, FIN-XO will be merged with Industrial Alliance Securities Inc. (iAS).
Founded in Montreal in 1989, FIN-XO has assets under administration of over $700 million. The firm has a network of some thirty representatives and primarily serves a retail clientele. FIN-XO is registered as a full‑service securities broker in the following provinces: Quebec, Ontario, Alberta, Manitoba, British Columbia, Saskatchewan and New Brunswick.
"We are happy to welcome FIN-XO's representatives to our team, and we look forward to working with them in offering excellent service to our clientele," states Richard Legault, President of Industrial Alliance Securities. "This acquisition allows us to further expand our affiliated distribution network and accelerate our firm's growth across Canada."
"The merger with Industrial Alliance Securities fits into a spirit of continuity for our clientele, as the two companies share a number of common values, including growth and protection of capital," remarks Denis Régimbald, President of FIN-XO. "Our clients will profit from iAS's expertise, a high quality of service and sound, personalized investment advice," adds François Demers, FIN-XO Chair of the Board.
The transaction is expected to close on October 1, 2015, subject to regulatory approval.
Industrial Alliance Securities Inc. (iAS) is a wholly-owned subsidiary of iA Financial Group. iAS has been in business since 2002 and has a vast network of service points across Canada. As at June 30, 2015, iAS had over $6 billion in assets under administration and more than 240 representatives.
About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and one of the largest publicly-traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: Pierre Picard, Manager, Public Relations, Office: 418 684-5000, ext. 1-1660, Email: [email protected]