QUÉBEC CITY, Dec. 2, 2014 /CNW Telbec/ - Investia Financial Services Inc. ("Investia") and its wholly-owned subsidiary National Financial Insurance Agency Inc. ("NFIA") are pleased to announce that they have yesterday completed two separate and concurrent transactions to acquire the mutual fund, segregated fund and life insurance distribution businesses of the Ten Star Group of Companies headquartered in Waterdown, Ontario.
Investia, a mutual fund dealer and wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc. today acquired Ten Star Financial Services Inc.'s ("Ten Star Financial") mutual fund dealer business in an asset transaction whereby all Ten Star Financial client accounts and financial advisors will be transferred to Investia, following which Ten Star Financial will resign its membership in the Mutual Fund Dealers Association of Canada ("MFDA").
NFIA, a full-service managing general agent ("MGA"), concluded a separate transaction to acquire all of the issued and outstanding shares of Ten Star Life Insurance Brokers Inc. ("Ten Star Life").
Ten Star's presence in six Canadian provinces will serve to strengthen Investia's mutual fund distribution platform and reinforce its position as a preeminent force in the independent advisor channel. The acquisition of Ten Star Life significantly increases the size and scale of NFIA's MGA life insurance distribution business.
"We welcome these highly qualified and experienced advisors and agents and look forward to helping them continue to strengthen client relationships and grow their business", said Louis H. DeConinck, president of Investia.
"I am pleased to have found a partner such as Investia which shares a similar culture and philosophy as Ten Star and provides strong support to independent life brokers and mutual fund advisors", added David Baird, President of Ten Star Financial.
In operation since 1999, Investia Financial Services Inc is a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services Inc. Investia is a member of the Mutual Fund Dealer Association. Through an extensive network of experienced representatives located across Canada, Investia offers a wide range of mutual fund products tailored to meet the needs of Canadian investors.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. operates throughout Canada as well as in the United States. The Company offers life and health insurance, mutual and segregated funds, savings and retirement plans, securities, auto and home insurance, mortgage and car loans and other financial products and services for both individuals and groups. Ranked among the top four life and health insurance companies in Canada, Industrial Alliance is one of Canada's largest public companies and trades on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE: Investia Financial Services Inc.
For further information: Public Relations,Pierre Picard, Office: 418 684-5000, ext 1-1660, Email: [email protected]