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Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) has completed the acquisition of Toronto-based HollisWealth Inc. from Bank of Nova Scotia effective after close of business on Aug. 4.

IA’s acquisition of HollisWealth, which was first announced on Dec. 5, 2016, beefs up IA’s independent advisor distribution channel significantly. With the addition of HollisWealth, IA becomes one of the largest non-bank wealth management firms in Canada with assets under administration of close to $80 billion.

HollisWealth (formerly DundeeWealth Inc.) provides diversified investment and wealth management services to individuals, families and corporations from 300 locations across Canada.

HollisWealth oversees about 800 advisors, including those licensed in mutual funds, securities and life insurance. Investment Executive reported in January that approximately 75% of those advisors will join IA’s securities subsidiary, Industrial Alliance Securities Inc., while 25% will join Investia Financial Services Inc., one of IA’s mutual fund dealers.

Read: A natural fit for IA

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