TORONTO - Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) is continuing its wealth-management expansion with a deal to take over National Financial Corp., whose operations include Aegon Dealer Services Canada, Money Concepts (Canada) and National Financial Insurance Agency.
Industrial Alliance did not disclose the terms of the transaction with the Canadian unit of Dutch insurer Aegon Group. The deal announced Friday is the-th takeover in the Quebec City-headquartered company's drive into the wealth-management business in recent years.
NFC and its subsidiaries have $2.8 billion in assets under administration and over 350 financial advisers at 65 branches, expanding the Industrial Alliance mutual fund business to $17 billion under administration by 2,500 advisers.
Aegon Dealer Services, based in Toronto, will be merged with IAG's Investia operation, offering "more product choices as well as enhanced technology and back-office support," IAG said. The Money Concepts franchised-advisory business will continue under its brand name within Investia. National Financial Insurance Agency will continue to provide insurance services to Money Concepts advisers.
Aegon Canada stated that the sale of the distribution assets enables it to "focus on our core business, which is the manufacturing of individual life insurance and annuity products."
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