Canadians slow to adopt fintech

Toronto-based CI Financial Corp. is boosting its financial technology capabilities with the purchase of Toronto-based BBS Securities Inc.

As part of the deal, which was announced on Friday, CI Financial has acquired BBS Securities and its affiliate companies including Pario Technology Corp. and Virtual Brokers, an online brokerage.

“As part of this purchase, we are gaining exceptional technology that can be used throughout the CI Financial group of companies to increase the efficiency of our operations and enhance the products and services we offer to financial advisors and their clients,” says Peter Anderson, CEO of CI Financial in a statement.

BBS Securities provides brokerage and trading services, such as custodian services, to institutional investors, introducing brokers and portfolio managers through its proprietary technology system. Some of the broker-dealer’s clients including robo-advisors such as Vancouver-based WealthBar Financial Services Inc. and Toronto-based JustWealth Financial Inc.

“We are delighted to be joining forces with CI Financial, another company that prides itself on being independent and entrepreneurial,” says Bardya Ziaian, founder, CEO and president of BBS Securities, in a statement. “Our firm will benefit from the financial strength and stability of CI, which will support investments in technology, product development and service.”

The deal is expected to close in the fourth quarter of 2017. Terms of the transaction have not been disclosed.

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