Investment Planning Counsel Inc. (IPC) has entered into an asset purchase agreement with Odyssey Capital Corp., a mutual fund dealership based in St. Catharines, Ont.

The agreement transitions Odyssey’s approximately $170 million in assets under administration to IPC Investment Corp., a subsidiary of Investment Planning Counsel Inc. Odyssey’s licensed financial advisors have also decided to join IPC.

Terms of the transaction were not disclosed.

“We’re continuing our aggressive growth strategy by partnering with quality, independent dealerships like Odyssey,” said Chris Reynolds, president, IPC.

“As an independent dealer, we felt that both our advisors and their clients could significantly benefit from the value-added tools that IPC offers its partners,” said Doug Lane, president, Odyssey. “We believe IPC can help us better service our clients, while providing a structure that lets us maintain our freedom and independence to continue to build our business in our communities.”

Subject to regulatory approvals, closing of the transaction is expected to occur on January 31.

On completion of the deal Odyssey will resign from the Mutual Fund Dealers Association of Canada and will surrender its mutual fund and limited market dealer registrations.