Industrial Alliance Insurance and Financial Services (iA) has signed an agreement to purchase FIN-XO Securities.
In a statement released late last week, the Quebec-based insurer said the acquisition is part its strategy to increase the size of its wealth management business. The deal is expected to close on Oct. 1, 2015, subject to regulatory approval. Once the purchase is complete, iA plans to merge FIN-XO into Industrial Alliance Securities.
FIN-XO was established in Montreal in 1989 and is registered as a full service securities broker in Quebec, Ontario, Alberta, Manitoba, British Columbia, Saskatchewan and New Brunswick. For the most part, the firm serves the retail customers; it has thirty representatives with $700 million in assets 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," comments 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."