Industrial Alliance acquires Leon Frazer
Industrial Alliance Insurance and Financial Services Inc. has acquired Jovian Capital Corporation, the parent company of Leon Frazer & Associates Inc. The deal was completed on Oct. 1, 2013.
Founded in 1892, Industrial Alliance is the fourth largest life and health insurance company in Canada. It 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 in Canada and the United States.
Jovian consists of a portfolio of financial services companies, including T.E. Investment Counsel Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc., IIROC dealer MGI Securities Inc., and Leon Frazer.
“This is a strategic and additive acquisition that complements our well-established wealth management platform,” said Yvon Charest, President and Chief Executive Officer of Industrial Alliance. “It provides us with immediate scale in the fast-growing private client management segment, as well as significant incremental IIROC distribution across Canada.”
“Over the last 10 years, Industrial Alliance has grown organically and through acquisitions to become a leading manufacturer and distributor of wealth management solutions in Canada with assets under management and administration of more than $45 billion,” added David Scandiffio, Senior Vice President of Industrial Alliance and head of the Company’s wealth management division. “With the addition of the Jovian group of companies – each of which brings unique expertise in different facets of private client management – we look forward to expanding our products and services to current distribution partners as well as extending that offering to broader distribution channels.”
Leon Frazer has a long relationship with Industrial Alliance through its management of the flagship IA Clarington Canadian Conservative Equity Fund, which launched in 1950.