As part of its focus on adding new distribution in Canada, Industrial Alliance Securities Inc. (IAS) has signed an agreement to acquire Burgeonvest Bick Corporation, the sole shareholder of Burgeonvest Bick Securities Limited (BBSL).
“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," "We look forward to welcoming the advisors of BBSL to the IAS family,” said Richard Legault, President of Industrial Alliance Securities Inc.
Located in Hamilton, Ontario, BBSL, a securities brokerage firm and IIROC dealer member, 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.
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.