(August 3 – 12:40 ET) – IPC Financial Network Inc.says it has entered into an asset purchase agreement with Fortress Equity Management Inc. based in Burlington, Ont. based mutual fund dealership.

“We are very pleased with Fortress’ decision to join our organization. Their firm, like IPC, demonstrates a high level of integrity in the way they interact with their clients which is consistent with the principles that we were founded upon”, Steve Meehan, CEO of IPC, said in a statement.

IPC says the agreement calls for the immediate transfer of all mutual fund reps from Fortress to IPC Investment Corp., a subsidiary of IPC. IPC will pay approximately $560,000, subject to performance targets. Fortress has a total of ten financial planners.
-IE Staff