Industrial Alliance Insurance and Financial Services Inc. has obtained all regulatory authority approvals for the acquisition of FundTrade Financial Corp., a mutual fund brokerage firm, and to amalgamate it on Friday with FundEX Investments Inc., another mutual fund brokerage firm in which Industrial Alliance holds a 91.75% share.

As previously mentioned in a release issued on June 27, the combined companies will continue to operate under the name FundEX. The new FundEX will take over all duties and responsibilities of the two previous entities. The client and financial advisor relationships of the two amalgamated companies will remain unchanged.

Industrial Alliance says the acquisition strengthens its position as a leader in the distribution of mutual funds in Canada through a network of seasoned independent financial advisors. The new FundEX will have over 450 representatives and will administer some $9 billion in assets.