IPC buys Partner in Planning to expand national presence

By Donna Glasgow | October 24 2010 07:00PM

In September, Investment Planning Counsel (IPC) announced that it will acquire Partners in Planning Financial Group and its subsidiaries. Subject to regulatory approvals, the transaction is expected to close during the last quarter of 2010.

The subsidiaries to be acquired include Partners In Planning Financial Services, a mutual fund and exempt market dealer, and Partners In Planning Insurance Services, a national insurance agency. In a separate and concurrent transaction, a subsidiary of IPC will acquire Titan Funds Incorporated, Manager of Titan Managed Portfolios, said IPC in a company announcement.

In an interview with The Insurance and Investment Journal, Chris Reynolds, President of IPC, said the acquisition of Partners in Planning (PIP) is a good fit because "PIP's culture and values are almost identical to IPC...They are good people with the same values and culture.

Because of this, integration of the two companies will almost be "a non-event," says Mr. Reynolds, adding that the acquisition also brings IPC more scale and volume - $3.7 billion in assets under management and more than 300 advisors, 80% of whom are insurance licensed.

Acquiring PIP will also deepen IPC's national footprint, he adds. "PIP is operated out of Regina. We've always been Toronto-based. This brings us a stronger western presence."

He adds that this is IPC's twenty fourth acquisition. Is IPC still in acquisition mode? "We're always in acquisition mode. This business is all about scale."

However, there are fewer and fewer acquisition opportunities since there has already been a great deal of consolidation in the wealth management sector, he comments.

Related to the same topic …