QUEBEC CITY, Nov. 17, 2015 /CNW Telbec/ - Industrial Alliance Securities Inc. (IAS) announced today the signing of an agreement to acquire Burgeonvest Bick Corporation, the sole shareholder of Burgeonvest Bick Securities Limited (BBSL), a securities brokerage firm and IIROC dealer member.
This transaction is in line with IAS's strategic focus on adding new distribution in Canada.
Located in Hamilton, Ontario, BBSL has assets under administration of about $840 million. The firm primarily serves a retail clientele and has a network of licensed advisors across southern Ontario. It is registered as a full-service securities dealer.
"We're pleased to be partnering with IAS, and believe that the combination of our two organizations will best serve our clients and advisors and together allow us to achieve greater success in future," says Mario Frankovich, President and CEO of BBSL.
"We look forward to welcoming the advisors of BBSL to the IAS family. BBSL and IAS share a similar culture that respects the autonomy of its advisors while ensuring that client interests are always placed first. The transaction adds BBSL's talented advisors to our distribution network in Ontario and represents another step in our firm's growth strategy," said Richard Legault, President of Industrial Alliance Securities Inc. (IAS).
The transaction is subject to regulatory approvals and other conditions and is expected to close later this year or in early January 2016. BBSL will be merged with IAS following completion of the transaction in Spring or early Summer of 2016. The financial terms and conditions of this transaction are not released.
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 September 30, 2015, IAS had $5.8 billion in assets under administration and more than 230 representatives.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: Pierre Picard, Manager, Public Relations, Phone: 418-684-5000, ext. 1660, Email: [email protected], Website: www.ia.ca