Industrial Alliance Pursues its Development in the Stock Brokerage Sector with its Acquisition of Certain Assets of Leduc & Associates Securities (Canada) Ltd.
Industrial Alliance Insurance and Financial Services announced today that its new subsidiary, Industrial Alliance Securities Inc., has made the acquisition of certain assets of Leduc & Associates Securities (Canada) Ltd. Regulatory authorities have already approved the acquisition.
Leduc & Associates Securities (Canada) Ltd, hereafter referred to as Leduc, is a full service brokerage firm that offers services to a clientele composed mainly of individual investors. Founded in 1993, Leduc is a participating organization at the TSE and the Montreal Exchange. It has approximately $260 million in assets under management and counts some 40 registered representatives and eight employees.
Today’s acquisition announcement is the third made by Industrial Alliance in the stock brokerage sector since the beginning of the year. You will recall that Industrial Alliance made its entrance onto the stock brokerage scene earlier this year with its acquisition of ISL-Lafferty Securities Inc. and certain assets of BNP (Canada) Securities Inc. The acquisition of Leduc’s activities brings the total amount of Industrial Alliance Securities’ assets under management to close to $375 million and some 50 representatives.
"We are very pleased to have acquired the activities of a brokerage firm that is so well established in the stock brokerage market" stated Gaétan Plante, President, Industrial Alliance Securities. "In addition to letting us take advantage of the expertise of the company’s representatives and employees, this acquisition will allow us to reach critical mass in the stock brokerage sector more quickly." For his part, Normand Pépin, Executive Vice-President, Industrial Alliance, stated that he was extremely satisfied with the acquisition. He continued by saying: "This acquisition, as well as those that were made over the last few months in the stock brokerage and mutual fund sector, falls straight within the scope of our development strategy, which is aimed at providing a full range of financial products within our distribution network so that agents can in turn offer effective and integrated wealth management services to their clients."
About the Industrial Alliance Group
The Industrial Alliance Group is among the most solid financial institutions in the country, where it is an industry leader in the field of insurance and financial services. The Group has operations across Canada through Industrial Alliance in Quebec City, National Life in Toronto and IAP Life in Vancouver. The seventh largest life and health insurance company in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,000 people and manages $16 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol “IAG”. With a stock market capitalization of $1.4 billion, Industrial Alliance ranks among the 100 largest public companies in Canada. For more information on Industrial Alliance, please visit our corporate website at www.inalco.com.
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Vice-President, Investor Relations
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