iA Financial to acquire assets of Laurentian Bank Securities’ investment broker division

iA Financial Group has entered into an agreement, through its subsidiary iA Private Wealth to acquire the assets of the retail full-service investment broker division of Laurentian Bank Securities.

LBS’ retail full-service broker division represents over $2 billion in assets under administration. Approximately 16,000 client accounts will be transferred to iAPW upon completion of the transaction and some 30 advisors are invited to join iAPW afterwards.

“iA Private Wealth is a leading independent wealth manager in Canada with a deep and committed focus on supporting advisors in delivering the highest standards of professional financial advice. This acquisition will support iA Private Wealth’s strong growth and expand its presence. We look forward to welcoming these new advisors and helping them continue to secure their clients’ financial future with confidence.” – Stephan Bourbonnais, Executive Vice-President, Wealth Management at iA Financial Group and President and CEO of iAPW.

This acquisition, the amount of which is not disclosed, will have only a marginal impact on iA Financial Group’s solvency ratio.

The closing date of the transaction is expected to be this summer, subject to, among other things, receipt of the necessary regulatory approvals.