Industrial Alliance To Acquire DundeeWealth's Quebec-Based Mutual Fund Dealer and Insurance Distribution Operations
Industrial Alliance Insurance and Financial Services Inc. ("IA" or "Industrial Alliance") today announced that it has entered into an agreement to acquire the financial planning, mutual fund dealer and life insurance sales operations of DundeeWealth Inc. ("DundeeWealth") in the Province of Quebec.
The transaction includes approximately $2.6 billion in assets under administration and a network of more than 400 licensed financial advisors throughout Quebec (approximately 340 mutual fund licensed and 70 insurance only licensed). DundeeWealth will retain its investment dealer platform (IIROC members) in Quebec.
The purchase will be made through Investia Financial Services Inc., one of IA’s mutual fund dealer subsidiaries and a member of the Mutual Fund Dealers Association of Canada. Upon completion, the mutual fund businesses will be merged with Investia and will remain headquartered in Quebec City. After the transaction closes, the combined assets under administration of IA’s two mutual fund dealers, Investia and FundEX Investments Inc., will secure IA’s position in the top five largest non-bank owned mutual fund dealerships in Canada.
"The transaction is a logical fit for us," stated Normand Pépin, Executive Vice-President of Industrial Alliance. "Our recent string of acquisitions has broadened IA’s wealth management footprint across Canada. This opportunity allows us to further increase the size, scale and efficiencies of our Quebec mutual fund distribution operations. We welcome the opportunity to work with this network of highly qualified and experienced independent financial advisors, many of whom are already well known to Industrial Alliance. We expect that both advisors and clients will benefit from Investia’s scale of operations and its first-rate technology and back-office platform."
The transaction is subject to regulatory approval and is expected to close on December 31, 2008.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations across Canada, as well as in the Western United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,300 people and manages and administers over $51 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
- 30 -
Vice-President, Investor Relations
Office: 418 684-5275