iA Financial Group announced Friday that it’s agreed to acquire FIN-XO Securities, a Montreal-based full-service broker with 30 advisors across Canada and $700 million under administration.
"We are happy to welcome FIN-XO's representatives to our team, and we look forward to working with them in offering excellent service to our clientele," states Richard Legault, President of Industrial Alliance Securities. "This acquisition allows us to further expand our affiliated distribution network and accelerate our firm's growth across Canada."
The move appears to be a win/win for both organizations. iA Financial Group gets increased distribution while FIN-XO gets the resources of a much larger financial services organization.
"The merger with Industrial Alliance Securities fits into a spirit of continuity for our clientele, as the two companies share a number of common values, including growth and protection of capital," remarks Denis Régimbald, President of FIN-XO. "Our clients will profit from iAS's expertise, a high quality of service and sound, personalized investment advice," adds François Demers, FIN-XO Chair of the Board.
The transaction is expected to close on October 1, 2015, subject to regulatory approval.