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Winnipeg Free Press - PRINT EDITION
PI Financial signs deal for Union Securities, including Winnipeg office
VANCOUVER -- PI Financial Corp. said Tuesday it has signed a deal to acquire the client accounts of investment firm Union Securities Ltd.
Financial terms were not immediately available.
Under the deal, 60 Union investment advisers who serve clients, including 11 in Winnipeg, will join PI Financial's private client-services division and bring it to 150 advisers in six offices.
"This acquisition makes us more competitive in a rapidly consolidating industry," PI chairman and chief executive Max Meier said in a statement.
"Our strong financial position allows us to complete transactions of this nature and we are confident that Union's clients and investment advisers will benefit from being with our firm."
PI has offices in Victoria, Vancouver, Calgary and Toronto.
The acquisition will enable it to expand into the Manitoba and Saskatchewan markets, since two of the five Union Securities offices it is acquiring are in Winnipeg and Regina.
Meier said acquiring the Winnipeg and Regina offices will also enable the company to enter the commodities and futures businesses for the first time.
"They are very strong in that -- both of those offices."
Union Securities' Winnipeg office includes two support staffers, and Meier said they also will be joining PI when the deal closes in mid-October.
PI acquired a dozen investment advisers from Gateway Securities in 2009.
The company is 75 per cent employee-owned and 25 per cent owned by National Bank Financial, a subsidiary of National Bank of Canada (TSX:NA).
-- The Canadian Press / staff
Republished from the Winnipeg Free Press print edition August 8, 2012 B4
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