Quebec City-based Industrial Alliance and Financial Services Inc. (IA Financial Group) announced on Friday that it has signed an agreement to acquire FIN-XO Securities Inc., a full-service investment dealer based in Montreal. Following the transaction, FIN-XO will be merged with Industrial Alliance Securities Inc., the brokerage arm of IA Financial Group.
“We are happy to welcome FIN-XO’s representatives to our team, and we look forward to working with them in offering excellent service to our clientele,” said Richard Legault, president of Industrial Alliance Securities, in a statement. “This acquisition allows us to further expand our affiliated distribution network and accelerate our firm’s growth across Canada.”
FIN-XO has assets under administration of more than $700 million and primarily serves retail clients. It is registered as a full-service securities broker in Quebec, Ontario, Alberta, Manitoba, British Columbia, Saskatchewan and New Brunswick.
“The merger with Industrial Alliance Securities fits into a spirit of continuity for our clientele, as the two companies share a number of common values, including growth and protection of capital,” said Denis Régimbald, president of FIN-XO, in a statement.
The transaction is expected to close on Oct. 1, subject to regulatory approval.