Industrial Alliance Insurance and Financial Services Inc. has entered into an agreement to acquire National Financial Corp. (NFC), the parent company of Aegon Dealer Services Canada Inc., Money Concepts (Canada) Ltd. and National Financial Insurance Agency Inc., the company announced today.

According to Industrial, NFC and its subsidiaries have $2.8 billion in assets under administration and over 350 financial advisors operating in 65 branches across Canada.

Toronto-based Aegon Dealer Services is an MFDA member mutual fund dealer and Money Concepts operates financial services franchises across Canada.

Industrial currently runs two other mutual fund dealerships, Investia Financial Services and FundEX Investments. With the two new additions, it said it will have over $17 billion in mutual fund assets under administration and over 2,500 financial advisors.

When the deal closes, Aegon will be merged with Investia and the Money Concepts brand name and business model will remain intact under Investia, the firm said.

“This agreement allows us to further expand the scope and diversity of our distribution networks Canada wide,” said Normand Pépin, executive vice-president of Industrial. “We expect that, over time, all related distribution channels within IA will benefit from a broader product and service offering, in addition to economies of scale and scope associated with the sharing of support and services, resulting in greater efficiencies.”

The transaction will be Industrial’s thirteenth acquisition in the wealth management market since the early 2000s. The company said it is subject to regulatory approval and is expected to close by June 30.