It has been announced that Industrial Alliance Securities Inc. (IAS) has signed an agreement to acquire Burgeonvest Bick Corporation although the financial terms have not been disclosed. At this early stage it is unknown if this will mean job cuts for advisors with either firm.
The Ontario-based company, Burgeonvest Bick Corporation is a securities brokerage firm offering financial and investment services. It is the sole shareholder of Burgeonvest Bick Securities Limited (BBSL) and has assets under administration of about $840 million.
IAS is also a securities brokerage firm with a network of advisors across southern Ontario however its assets were sitting at $5.8b as of the end of September.
Mario Frankovich, President and CEO of BBSL said: "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."
The transaction is subject to regulatory approval but if all goes ahead the deal should formally close later this year or early next year. The operational logistics of the merger are said to happen taking towards the middle of next year which is presumably when job cuts would happen however, Richard Legault, President of Industrial Alliance Securities Inc., says IAS is looking forward to adding BBSL advisors to its team.
"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.