mergers and acquisitions

Financial Horizons Group (FHG) has acquired both TORCE Financial Group Inc. and VANCE Financial Group Inc.

In a press release issued Wednesday, Kitchener, Ont.-based FHG said it was “joining forces” with the two managing general agencies (MGAs) after purchasing all the shares of both companies on Aug. 1, 2019.

“Ultimately, we believe that this creates great opportunities for advisors and their clients,” Nick Pszeniczny, president and CEO of FHG, said in the release.

TORCE has offices in Markham, Ont. and Vancouver. VANCE is based in Richmond, B.C. The two MGAs have a team of more than 1,200 advisors.

FHG has more than 6,000 advisors who provide insurance, investment, group benefits and succession planning services to independent financial advisors across the country.

The press release noted that David Ho, principal of TORCE, will continue his role as president of the TORCE and VANCE businesses. There will be no change to the management teams of the companies, the release said.

“TORCE and VANCE will benefit from FHG’s offering of an extensive range of financial services and products to Canadian advisors by supporting local needs with the benefits of a strong national presence,” Financial Horizons Group said in the press release.