Industrial Alliance Insurance and Financial Services Inc. is acquiring mutual fund brokerage FundTrade Financial Corp. and integrating that company with FundEX Investments Inc., a mutual fund brokerage firm in which Industrial Alliance holds a 91.75% share.

The combined operations will continue to operate under the name FundEX, servicing over 450 representatives and administering some $9 billion in assets. This acquisition is subject to regulatory approval.

“The combination of FundEX and FundTrade creates a formidable organization that will be poised to deliver significant benefits to the industry’s best financial advisors and their clients,” said Michael Greer, president of FundEX.

“While preserving their autonomy, our representatives will now have access to leading-edge technologies and a more complete line of financial products and services, which will allow them to better serve their clientele,” added Glenn Butt, president of FundTrade.

FundTrade, an independent brokerage established in Oakville, Ont., offers a wide range of mutual funds and other wealth management products to a retail clientele, primarily in Ontario, Western Canada and the Atlantic Provinces. Founded in 1999 by Christopher Enright and Glenn Butt, FundTrade has grown to sponsor some 215 financial advisors and currently administers over $3.5 billion in assets on behalf of over 45,000 investors.

“With the acquisition of FundTrade, we immediately broaden and strengthen our distribution platform and become a pre-eminent force in the independent advisor channel catering to the industry’s top financial advisors and their clients,” stated Normand Pépin, executive vice president of Industrial Alliance. “This transaction will bring increased scale, scope and stability to both mutual fund broker-dealer operations, while yielding significant synergies. We intend to make FundEX/FundTrade the new standard in back-office and compliance services and are committed to helping independent financial advisors to prosper.”