Quebec City-based Industrial Alliance Securities Inc. (IAS) announced on Tuesday that it has reached an agreement to acquire Burgeonvest Bick Corp., the sole shareholder of Hamilton, Ont.-based securities dealer Burgeonvest Bick Securities Ltd. (BBSL).
This transaction is in line with IAS’s strategic focus on adding new distribution in Canada. BBSL, which has assets under administration (AUA) of $840 million, serves a retail clientele primarily and has a network of licensed advisors across southern Ontario.
“We’re pleased to be partnering with IAS, and believe that the combination of our two organizations will best serve our clients and advisors and together allow us to achieve greater success in future,” says Mario Frankovich, BBSL’s president and CEO, in a statement.
“We look forward to welcoming the advisors of BBSL to the IAS family,” adds Richard Legault, president of IAS. “BBSL and IAS share a similar culture that respects the autonomy of its advisors while ensuring that client interests are always placed first. The transaction adds BBSL’s talented advisors to our distribution network in Ontario and represents another step in our firm’s growth strategy.”
The transaction is subject to regulatory approvals and other conditions and is expected to close later this year or in early January 2016. BBSL will be merged with IAS following completion of the transaction in the spring or early summer of 2016. The financial terms and conditions of this transaction have not been released.
IAS, a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., has been in business since 2002 and has a vast network of service points across Canada. As at Sept. 30, IAS had $5.8 billion in AUA and more than 230 licensed representatives.