iA Financial Corporation Inc., the holding company of iA Financial Group, announced March 2 that it has entered into an agreement to sell iA Investment Counsel Inc. (iAIC) to CWB Financial Group.

iAIC is made up of two private client firms: T.E. Wealth, founded in 1972, and Leon Frazer & Associates, founded in 1939. The 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,” said the company in a statement.

"After careful deliberation, we determined that the sale of T.E. Wealth and Leon Frazer will help advance our strategic vision for growth," said Denis Ricard, President & CEO of iA Financial Group.

Exceptional potential for growth

Matt Evans, President & CEO of CWB Wealth Management, says that both T.E. Wealth and Leon Frazer have exceptional potential for future growth. “They enhance our private wealth presence, extend our capabilities, and represent an ideal complement to CWB's unique market position with a focus on serving successful entrepreneurs and business families across Canada."

iA says the sale will increase the company's solvency ratio by approximately one percentage point, and will have no impact on iA Financial Group's other businesses. The transaction is expected to close between May and July this year, subject to regulatory approval.