First International Asset Management Inc. has sold the mutual fund dealer operations of its wholly owned subsidiary, Groupe Financier Concorde). The dealer operations have been purchased by Investia Financial Services Inc., a subsidiary of Industrial-Alliance Life Insurance Company.

GFC operates six offices out of two locations in Québec City and Montreal with 45 representatives and $220 million of assets under administration.

“The sale presents an excellent opportunity for GFC to partner with a firm such as Investia, as it will enable GFC to increase their critical mass and accelerate growth in the Québec market,” says Michael Simonetta, president and Chief Executive Officer of First International.

Established in 1997, First International is a privately held company, whose financial sponsors include Dorset Partners, CIBC World Markets, Goldman Sachs and Soros Private Equity Partners, among others. First International’s mission is to become a global asset management company through investments in
asset management firms that will benefit from being affiliated with a larger, entrepreneurially-driven company.