Toronto-based life insurer The Independent Order of Foresters has completed its acquisition of Aegon Capital Management Inc. (ACM) and Aegon Fund Management Inc. (AFM), solidifying Foresters’ expansion into asset management, the company announced on Thursday.

Under the terms of the acquisition, which was announced in March, Foresters has acquired 100% of the shares of both Aegon companies from Proj Fox Acquisition Inc., an intermediate holding company owned by Bermuda-based life reinsurance company Wilton Re Ltd.

Effective Thursday, ACM, which oversees more than $10 billion in institutional investments, will become Foresters Asset Management Inc. AFM, which offers six mutual funds to Canadian investors under the imaxxFunds banner, will become Foresters Financial Investment Management Co. of Canada Inc.

The names of the imaxxFunds have not changed as a result of the acquisition.

“This is an exciting time for Foresters Financial and an important move to strengthen not only our Canadian product offerings but also the overall growth of our investment business,” said Bill Lipkus, president and CEO of Foresters Financial Holding Co. Inc., in a statement.

Under the terms of the transaction, Foresters is also taking on the responsibility of managing the investments backing the segregated products, general account and corporate assets of ivari (previously Transamerica Life Canada), which were previously managed by ACM.

In a statement, ivari said the sale does not impact investment options within ivari universal life products or segregated funds, and no changes to mandates or managers are expected at this time.

As of Dec. 31, 2015, the entities included in the transaction had funds under management totalling approximately $44 billion. Foresters said the ownership transition would continue over the next six months.

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