FundEX Investments Inc and Industrial Alliance Insurance and Financial Services have reached an agreement that will see Industrial Alliance take a 25% ownership interest in FundEX.

This transaction, which is subject to regulatory approval, will allow mutual fund dealer FundEX to pursue the development of its original business model with independent financial planners. FundEX has 500 over licencees and more than $4 billion under administration.

“FundEX has experienced phenomenal growth over the past seven years,” says Michael Brady, of the FundEX board of directors. “We see this new relationship with Industrial Alliance as an opportunity for our company to realize its full potential while maintaining the continued independence our associates have come to expect.”

“Industrial Alliance will not only bring us the additional resources necessary to focus on our growth and strategic initiatives, but will also give our associates access to their leading expertise in the areas of individual and group insurance, tax and estate planning as well as portfolio management,” says David Vowles, president and CEO of FundEX.

Normand Pépin, executive vice president, Life Subsidiaries, of Industrial Alliance, states: “We are looking forward to working with current management of FundEX to improve the service that FundEX provides to its associates. This transaction fits in with Industrial Alliance’s strategy to develop the wealth management sector.”