Mutual fund dealer Global Maxfin Investments Inc. has signed a definitive agreement to acquire Professional Investment Services (Canada) Inc., Global said Monday.

“This is an excellent fit for Global. Professional Investment Services (Canada) Inc. provides specialized financial services that will complement the Global family of companies,” says Richard Pyper, executive managing director of Richmond Hill, Ont.-based Global.

“The size and strength of the combined firm will offer more value and opportunities for advisors who choose to maintain their independence.”

Markham, Ont.-based Professional Investment Services (Canada) Inc. is a subsidiary of Professional Investment Holdings Group, owner of one of the largest networks of accountants, financial advisers and life insurance brokers in Australia.

Following the acquisition, Global will be one of the largest independent mutual fund dealers in Canada with over 250 licensed advisors, and over $1.5 billion in assets under administration.

The Global family of companies offers an array of financial solutions, including education savings plans, life and disability insurance, mutual funds, stocks, bonds and other investments. The company operates in British Columbia, Saskatchewan, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland.

The acquisition is expected to finalize in the fourth quarter, subject to regulatory approval and customary closing conditions.

Global will continue to focus on growing both organically and through acquisitions across Canada, the company says.

IE