Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) has completed its acquisition of Toronto-based Jovian Capital Corp. for $79 million in cash and the issuance of 295,253 common shares of Industrial Alliance.

Jovian serves the private wealth management market segment through a portfolio of financial services companies that include Leon Frazer & Associates Inc., T.E. Investment Counsel Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc. and IIROC dealer MGI Securities Inc. As of September 30,, Jovian managed and administered assets of almost $7 billion on behalf of its clients.

It is expected that the Jovian shares will be delisted from the TSX later this week.