iA Financial closes sale of iA Investment CounselBy The IJ Staff | June 02 2020 11:28AM
iA Financial Corporation, the holding company of iA Financial Group, has concluded the sale of iA Investment Counsel Inc. to Edmonton-based CWB Financial Group.
iAIC is comprised of two well-known Canadian private client firms: T.E. Wealth, founded in 1972, and Leon Frazer & Associates, founded in 1939.
Focuses on high net-worth investors
Announced on March 2, 2020, this sale reflects iA Financial Group's decision to focus on serving the wealth management needs of high-net-worth Canadians exclusively through its expanding network of independent, entrepreneur-owned investment advisory practices.
Following the closing of the sale of iA Investment Counsel, iA Financial Group continues to maintain a sound capital position with a pro forma solvency ratio as at March 31, 2020, of 121%, above its target range of 110 to 116%.