ING Canada Inc. announced today that it has reached definitive agreements with Groupe Cloutier Inc. and Worldsource Financial Management Inc. whereby these two organizations will provide access to the mutual fund products and distribution services currently offered to property and casualty insurance brokerages through ING Wealth Management.

The agreements are subject to certain conditions and regulatory approvals. The terms of these agreements have not been disclosed, but are not considered a material development.

“In light of the current market trends and after a review of our mutual fund distribution services, we came to the conclusion that our property and casualty brokers, representatives and their clients would benefit from the specialized support of Worldsource and Groupe Cloutier. These organizations are well established financial services companies, focussed on the distribution of mutual funds and life insurance” said Derek Iles, president of ING Insurance, in a release.

As a result of these agreements, the mutual fund distribution services currently provided by ING Wealth Management will be transferred to Groupe Cloutier in Quebec and Worldsource Financial Management in Ontario, Alberta and British Columbia.