Ontario MGA Gryphin Advantage has acquired Quebec MGA Groupe Financier Boulos, Gryphin announced Tuesday.
Founded in 1979 by Mac Boulos and now run by his sons Roger and Robert, Boulos mainly serves independent financial advisors in Quebec.
Boulos serves about 400 advisors and Gryphin about 2,200. After the acquisition, Gryphin will grow to serve 2,600 advisors in both official languages.
While Boulos brings Quebec exposure and market knowledge, its advisors will benefit from Gryphin’s technology, compliance and advisor development resources, Gryphin said in a release.
“Boulos has built … a respected name, trusted relationships and a team with significant knowledge of the Quebec market,” Kirk McMillan, president of Gryphin Advantage, said in a statement. “Our responsibility is to respect what … the Boulos team have built, invest in its future and create even more opportunities for its advisors and employees.”
Boulos will continue operating under its own name while it becomes more integrated with Gryphin.
“Existing advisor relationships, compensation arrangements, contracts and day-to-day business processes will remain unchanged in the short term,” according to a release.
Gryphin did not disclose the term deals.