Industrial-Alliance Life Insurance Co. has entered the brokerage industry by acquiring ISL-Lafferty Securities Inc. and certain assets of BNP (Canada) Securities Inc.

These two acquisitions will allow Industrial Alliance to manage initial assets of more than $180 million on behalf of some 1,500 clients.

“We are extremely pleased to acquire these two brokerage operations as they will allow us to benefit from the experience of firms that are well established in the stock brokerage market”, stated Normand Pépin, executive vice president, Life Subsidiaries and vice president and general manager, Individual Insurance and Annuities at Industrial Alliance.

Both ISL-Lafferty Securities and BNP (Canada) Securities are full service stock brokerage firms which offer a complete spectrum of portfolio investment management services to a clientele that is composed mainly of individual and small business investors.

ISL-Lafferty Securities came into being in 1970 and is a member of the TSE and the Montreal Exchange. Its principal shareholder is the Ionian Financial Group, which holds 90% of the company’s issued and outstanding common stock. BNP (Canada) Securities has been operating in Canada since 1991 and is owned exclusively by BNP (Canada) Paribas, which is itself a wholly-owned subsidiary of BNP Paribas, one of the largest banking groups in the world. Both firms are registered with the Quebec Securities Commission and licensed to operate in the province of Quebec.

The new organization that will emerge as a result of these two acquisitions will be called Industrial Alliance Securities.

Gaétan Plante, who has extensive experience in the world of banking, insurance and securities, will be named president of the new company. “We plan to build our team based on our present core of agents, whose experience and professionalism are already recognized assets,” stated Mr. Plante. “Not only will we continue to conduct activities from offices in Laval and Montreal, but we also plan to immediately open an office in Quebec City.”

The acquisitions are subject to the approval of regulatory authorities and both transactions are expected to be closed by the end of February.