Mississauga, Ont.-based Investment Planning Counsel Inc. (IPC) entered into an agreement to purchase Independent Planning Group Inc. (IPG), headquartered in Ottawa, the firms announced on Tuesday.
The transaction includes the acquisition of IPG, Virtuco Technologies Inc. and IPG Insurance Inc. The deal is expected to close subject to regulatory approvals in late 2013.
“We have always viewed [IPG] as a great company,” says Chris Reynolds, president and CEO of IPC. “They have a very, very good culture, really good advisors – very focused on their clients needs – and we thought that kind of culture was very close to what we have here at Investment Planning Counsel.”
At least in the short-term IPG will continue to under the same operational organization and management, says Reynolds. Although once the deal closes IPG advisors will work under the IPC brand. As well, Vince Valenti, president of IPG, will remain with the organization for the foreseeable future, Reynolds adds.
As part of the acquisition IPG advisors will now have access to IPC’s broader services, says Reynolds, including an IIROC platform, portfolio management, and private wealth. Says Reynolds: “It’ll be business as usual with a much larger toolkit then they had before.”
As well, IPC Portfolio Services Inc. (IPCPSI), also entered into an agreement to purchase the investment manager, Brigata Capital Management Inc. Brigata Capital will be merged with Counsel Portfolio Services Inc., a wholly owned subsidiary of IPCPSI. The deal is subject to regulatory approvals and the approval of Brigata Diversified Portfolio unit holders.
IPC is an integrated wealth management company with $17 billion in assets under administration. IPG is a mutual fund dealer with advisors in Ontario, Quebec and British Columbia and over $2 billion in assets under administration.