Toronto-based Jovian Wealth Management Inc. will be changing its name to MGI Wealth Inc., its parent company, Jovian Capital Corp., announced on Monday.

MGI Wealth will be the direct parent company of MGI Securities Inc., Jovian’s investment dealer subsidiary, as well as of Jovian’s mutual fund dealer subsidiary, Rice Financial Group Inc., which will be changing its name to MGI Financial Inc.

Following these changes, MGI Financial and MGI Securities will be co-branded under the MGI Wealth banner.

“The MGI name is well known in Ontario, and we feel that this change will assist our ongoing expansion into that market,” said Dave Velanoff, president and CEO of Rice Financial Group Inc., in a release.

“We believe that the new MGI Wealth brand, encompassing over 200 advisors, nearly 80,000 clients and $5.2 billion in assets under administration, will significantly strengthen our presence across Canada,” stated Philip Armstrong, Jovian’s CEO.

Jovian Capital Corp. said these changes are subject to receipt of all necessary approvals and could take several months to be fully implemented.