Investia Financial Services Inc. and its wholly owned subsidiary National Financial Insurance Agency Inc. (NFIA) said Tuesday they have completed deals to acquire the mutual fund, segregated fund and life insurance distribution businesses of the Ten Star Group of Companies headquartered in Waterdown, Ont.
The transactions were first announced in early November. Financial terms were not disclosed.
Industrial Alliance buying Ten Star
Investia, a mutual fund dealer and wholly owned subsidiary of Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) has acquired Ten Star Financial Services Inc.’s mutual fund dealer business.
All Ten Star Financial client accounts and financial advisors will be transferred to Investia, following which Ten Star Financial will resign its membership in the Mutual Fund Dealers Association of Canada (MFDA).
NFIA, a full-service managing general agent (MGA), has concluded a separate transaction to acquire all of the issued and outstanding shares of Ten Star Life Insurance Brokers Inc. (Ten Star Life).
Investia says Ten Star’s presence in six Canadian provinces will serve to strengthen its mutual fund distribution platform and reinforce its position as a preeminent force in the independent advisor channel.
The acquisition of Ten Star Life significantly increases the size and scale of NFIA’s MGA life insurance distribution business, the companies say.
“We welcome these highly qualified and experienced advisors and agents and look forward to helping them continue to strengthen client relationships and grow their business”, said Louis DeConinck, president of Investia.