In an internal document released on Oct. 22, which it shared with Insurance Journal, iA Financial Group announced that it has grouped four subsidiaries under iA Wealth, a new brand. These subsidiaries are IA Clarington Investments Inc., Investia Financial Services Inc., Fundex Investments Inc. and Industrial Alliance Securities Inc.
Carl Mustos, Executive Vice-President, iA Wealth Management, has been appointed head of iA Wealth.
The reorganization of the four subsidiaries is triggering a shakeup in top management. Richard Legault will be leaving Industrial Alliance Securities Inc., which he led since 2012. Legault has accumulated 27 years of service at iA financial Group.
John Kelleway is replacing Legault as President. Most recently, Kelleway was SVP and Head of National Sales for iA Securities. The subsidiary’s head office will remain in Montreal.
The company says it created this brand to better meet clients’ and advisors’ needs in terms of service, tools, technology and speed. “Working in four independent lines of business does not fully enable us meet these rising expectations to move toward our strategic vision,” the announcement explains.
This reorganization will notably let iA further deploy its capabilities across the entire iA Wealth organization and generate enterprise value and growth in all lines of business, the Group adds.