About a week after buying the Quebec managing general agent BBA Financial Group, Industrial Alliance has signed another agreement to purchase Ontario’s Burgeonvest Bick Securities Limited (BBSL).
On Nov. 17, Industrial Alliance Securities (IAS) announced that it was purchasing the Hamilton-based securities brokerage firm and IIROC dealer member Burgeonvest Bick. BBSL has assets under administration of about $840 million and is primarily active in southern Ontario, where it serves retail investors. The financial details of the transaction were not disclosed.
“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,” says the president of Industrial Alliance Securities, Richard Legault. “The transaction adds BBSL's talented advisors to our distribution network in Ontario and represents another step in our firm's growth strategy.”
Industrial Alliance notes that the transaction is subject to regulatory approvals as well as “other conditions”, and expects the deal to close later this year or in early January 2016. Industrial Alliance says that, once the transaction is complete, BBSL will be merged into its operations sometime in the spring or early summer of 2016.