iA Financial Group buys financial services firmBy Alain Thériault | March 22 2016 12:45PM
iA Financial Group, via its subsidiary National Financial Insurance Agency Inc. (NFIA), today announced that it is acquiring a Quebec-based financial services firm – Groupe Financier Moreau.
The firm works with about 130 representatives and has business offices in Laval and Brossard, near Montreal.
Groupe financier Moreau distributes products from numerous manufacturers. Its product offering includes individual life insurance, group insurance, segregated funds, annuities and mutual funds.
"We have worked with iA Financial Group's teams for years,” said Alain Moreau, president of Groupe financier Moreau. “Our values focused on competence, professionalism and integrity are right in line with those demonstrated every day by these teams. For this reason, I am sure that the combining of our activities will be carried out in the simplest, most efficient manner possible for our clients, representatives and employees, and that everyone will come out ahead."
Louis DeConinck, president of Investia Financial Services and head of NFIA, said, “It is our pleasure to welcome Groupe financier Moreau's representatives to our team of independent advisors and to now serve their clients as well. Alain Moreau's extensive experience will be used in NFIA to develop and grow our business. With these new offices in the greater Montreal area, this acquisition consolidates our positioning in Quebec."
This acquisition continues iA’s recent string of acquisitions in the distribution channel. In November 2015, through its various subsidiaries, iA announced the acquisitions of BBA Financial Group, Services financiers Planifax and Burgeonvest Bick Securities.
The Groupe financier Moreau transaction closing date is expected to be April 1, 2016, subject to normal closing conditions. After the transaction has been concluded, Groupe financier Moreau will be merged with NFIA.