PI Financial Corp. has entered an agreement to acquire the client accounts of Gateway Securities Inc., a Vancouver-based investment dealer specializing in servicing individual, corporate and institutional clients, PI announced on Friday.

In addition to acquiring Gateway’s client accounts, 13 Gateway investment advisors who currently serve these clients will join PI’s private client services division.

The acquisition is part of PI’s continued growth strategy.

“This transaction reflects PI’s commitment to expanding our business, even in this challenging market environment,” said Max Meier, chairman and CEO of PI Financial, in a statement.

“We have been looking for acquisitions of this nature for some time and are confident that Gateway’s clients and investment advisors will both contribute to, and benefit from, being with our firm.”

Gateway Securities president and CEO David Fawkes said the company’s decision to enter the transaction is partially a result of the recent market turmoil.

“We are pleased with the transaction we have entered into with PI. The addition of Gateway’s investment advisors and accounts to PI’s strong organization is a prudent step in providing our clients with the confidence and stability that is needed in these difficult market conditions,” said David Fawkes, president and CEO of Gateway Securities.

Completion of the Gateway transaction is expected in January, and remains subject to certain conditions and regulatory approvals.