(September 21) – IPC Financial Network Inc. has signed a letter of intent to acquire Toronto-based fund dealer Avalon Financial Services Corp.
Avalon says it is joining IPC “to meet the challenges of the future.” It believes that IPC offers the best combination of capital and strategic vision. The prospect of increased regulatory costs and the certainty of increased technology costs has been driving a rapid consolidation in the fund dealer industry.
Avalon brings 80 financial advisors scattered throughout Ontario, Newfoundland and Saskatchewan, its securities arm, Avalon Securities Corp., with 19 advisors and Avalon Insurance Corp. No price was disclosed for the deal.
Alberta Stock Exchange-listed IPC has already acquired Investment Planning Counsel, a fund dealer that amounted to the major transaction it was required to complete as a junior capital pool company. Other recent acquistions include: Titan Investment Management Corp., a Toronto-based mutual fund company, Henry Hicks and Associates Ltd. of Kentville, NS, another fund dealer, Multi Mutual Inc., a Willowdale, Ont.-based mutual fund dealer and
Richmond Hill, Ont.’s Sutherland Financial Services.
-IE Staff
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