Rice Financial Group Inc. has completed the acquisition of the income-producing and capital assets of BC-based mutual fund dealer Ascot Financial Services Ltd. As part of the acquisition, the vast majority of Ascot’s registered representatives will join Rice’s team of registered representatives.

This acquisition expands Rice’s operations and presence in British Columbia.

“We look forward to enhancing Rice’s presence in the B.C. marketplace, and building upon Ascot’s stellar reputation for prudent and profitable financial advisory services,” said Mal Anderson, president and CEO of Rice.

“Rice’s size and stability, together with Ascot’s established brand, create a formidable union designed to meet the changing needs of B.C. investors,” said Philip Armstrong, president and CEO of Rice’s parent company Jovian Capital Corp.

Ascot founder and President Reid Liske said that although he received a number of offers to consolidate over the years, Rice was the only company to recognize and appreciate his desire to prosper in a partnership without sacrificing autonomy.

“The alliance with Rice is a great opportunity to join a national organization with the resources to duplicate the current net incomes of Ascot representatives, and add value to the service our clients are already receiving,” Liske said.

Established in Vancouver in August 1985 with six financial planning associates, Ascot became a stand-alone operation in 1988 and subsequently moved its headquarters to Port Coquitlam where it currently coordinates service for approximately 20 representatives in the lower Mainland, Vancouver Island and the interior of B.C.

Rice’s network of branch and associate offices stretches from the B.C. coast to the Ontario/Quebec border, serving more than 85,000 clients and administering assets in excess of $3.7 billion.