iA Financial Group today announced that it has completed the acquisition of HollisWealth from Scotiabank effective Aug. 4, 2017. The deal was first announced in December 2016.
HollisWealth, which provides investment and wealth management services, has about 800 independent advisors distributed over 300 offices across Canada. With the addition of HollisWealth, iA Financial Group will be “one of the largest non-bank wealth management firms in Canada with assets under administration of close to $80 billion.”
In an interview with The Insurance and Investment Journal earlier this year, Carl Mustos, president of IA Clarington Investments, explained that the deal will enable iA to achieve economies of scale in technology and strengthen its foothold in securities in Canada, particularly in the west.
Since 2000, iA has concluded more than two dozen acquisitions in wealth management.