Wealth management firm continues acquisition spree

A leading wealth management firm acquired a firm specializing in mutual investment funds, coming hot on the heels of two other pickups

It’s been a busy week for Industrial Alliance and its subsidiaries.

Investia Financial Services, signed an agreement to acquire Les Services Financiers Planifax Inc., a brokerage firm specializing in mutual funds.

This follows hot on the heels of iA Financial Group’s acquisition of Burgeonvest Bick Corporation. The company also dipped into the insurance side of the business as well, when it acquired the operations of BBA Financial Group a Quebec‑based brokerage firm that specializes in the distribution of life and health insurance products.

The acquisition of Planifax is part of Investia's growth strategy, which promotes the expansion of its sales and independent brokerage networks across Canada. Planifax was founded in Rosemère in 1988 and serves clients mainly in Quebec.

"The time has come to pass the torch and we are happy to be passing it to Investia," said Daniel Bissonnette, Chief Compliance Officer, and Doris Allard, President and CEO, co-founders of Planifax. "We are certain that our clients and advisors will be well served and their interests will be well represented."

The closing date is scheduled for January 1, 2016, subject to regulatory approval and other closing conditions. The impact of the transaction on earnings and capital is deemed non-material and therefore not disclosed.