JovFinancial Solutions Inc. and IA Clarington Investments Inc., both subsidiaries of Industrial Alliance Insurance and Financial Services Inc. of Quebec City, have announced their boards of directors approved the amalgamation of JovFinancial with IA Clarington effective March 1. The merged company will continue as IA Clarington Investments Inc.
The amalgamation is a natural progression following the mid-2013 purchase of JovFinancial Solutions’ parent company, multi-pronged investment company Jovian Capital Corp. of Toronto by Industrial Alliance Insurance and Financial Services Inc. of Quebec City (TSX:IAG).
See: Industrial Alliance buys Jovian
Industrial Alliance’s goal in making the acquisition was to achieve scale in asset management and better distribution across Canada. Jovian came to Industrial Alliance with interests in various financial firms, including Leon Frazer & Associates Inc., T. E. Investment Counsel Inc., Hahn Investment Stewards & Co. Inc., JovFinancial Solutions Inc. and investment dealer MGI Securities Inc.
Subsequent to the acquisition, securityholders of Jov Leon Frazer Bond Fund, Jov Leon Frazer Dividend Fund, Jov Leon Frazer Preferred Equity Fund, Jov HAHN Conservative ETF Portfolio, Jov HAHN Income & Growth ETF Portfolio and Jov HAHN Growth ETF Portfolio approved the change of manager of the Funds from JovFinancial Solutions Inc. to IA Clarington pursuant to the amalgamation. The change of manager is effective March 1.