TORONTO, Aug. 2 /CNW/ - ING Canada Inc. (TSX: IIC) announced today that
it has reached definitive agreements with Groupe Cloutier Inc. and Worldsource
Financial Management Inc. whereby these two organizations will provide access
to the mutual fund products and distribution services currently offered to
property and casualty insurance brokerages through ING Wealth Management.
The agreements are subject to certain conditions and regulatory
approvals. The terms of these agreements have not been disclosed, but are not
considered a material development.
"In light of the current market trends and after a review of our mutual
fund distribution services, we came to the conclusion that our property and
casualty brokers, representatives and their clients would benefit from the
specialized support of Worldsource and Groupe Cloutier. These organizations
are well established financial services companies, focussed on the
distribution of mutual funds and life insurance" said Derek Iles, President of
As a result of these agreements, the mutual fund distribution services
currently provided by ING Wealth Management will be transferred to Groupe
Cloutier in Quebec and Worldsource Financial Management in Ontario, Alberta
and British Columbia.
About ING Canada
ING Canada is the largest provider of property and casualty insurance in
the country offering automobile, property and liability insurance to
individuals and businesses through its insurance subsidiaries. ING Wealth
Management, one of its subsidiaries, is a mutual fund dealer and, in Quebec, a
financial services firm.
About Groupe Cloutier
Groupe Cloutier is a well-established financial services brokerage that
has been operating in Quebec for over 25 years. The company has over 1,000
financial service representatives and 100 employees. Groupe Cloutier has been
acting as a Managing General Agent for ING Wealth Management providing
advisors with individual insurance products and other financial services.
About Worldsource Financial Management Inc.
Worldsource Financial Management Inc. is a mutual fund dealer that
provides a wide range of innovative services to support its independent
advisor network. With more than 500 independent mutual fund representatives,
Worldsource Financial Management has more than $5 billion of assets under
administration, and affiliates which include a Managing General Agency,
Worldsource Insurance Network, and a securities dealer, Worldsource Securities
Inc. Worldsource is a subsidiary of Guardian Capital Group Limited (TSX : GCG
For further information:
For further information: Media enquiries: Gilles Gratton - Vice
President, Corporate Communications, ING Canada, (416) 217-7206, Email:
email@example.com; Investor enquiries: Michelle Dodokin - Vice
President, Investor Relations, ING Canada, (416) 344-8044, Email: