Industrial-Alliance Life Insurance Co. announced Tuesday that it has agreed to acquire mutual fund dealer Global Allocation Financial Group Inc.

The acquisition, which is subject to regulator approval, will be through Industrial-Alliance’s own fund dealer subsidiary, Investia Financial Services Inc.

Global Allocation, based in Peterborough, Ont., is an independent dealer that offers a wide range of mutual funds to individual investors in Ontario and Saskatchewan. Founded in 1996, the firm has some 60 representatives and manages close to $300 million in assets.

Global Allocation will be merged with Investia, which will then lead a Canada-wide network of representatives and manage over $700 million in assets.

“Not only will this agreement allow us to pursue our growth strategy, but it will also be done right from our Peterborough office, where we first began,” said Robert Harris, president and CEO of Global Allocation.

“Industrial Alliance is a partner of choice for our representatives. It has both the financial resources necessary to support our development as well as vast experience in the distribution of financial products through a network of independent distributors,” he added.

“We are pleased to acquire a dealer such as Global Allocation that is so well established in its community,” said Normand Pépin, executive vice president, Industrial Alliance.