Investia Financial Services and its wholly-owned subsidiary National Financial Insurance Agency (NFIA) announced that they have completed two separate and concurrent transactions to acquire the mutual fund, segregated fund and life insurance distribution businesses of the Ten Star Group of Companies headquartered in Waterdown, Ontario.
Investia, a mutual fund dealer and wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services acquired Ten Star Financial Services mutual fund dealer business in an asset transaction whereby all Ten Star Financial client accounts and financial advisors will be transferred to Investia, following which Ten Star Financial will resign its membership in the Mutual Fund Dealers Association of Canada (MFDA).
NFIA, a full-service managing general agent (MGA), concluded a separate transaction to acquire all of the issued and outstanding shares of Ten Star Life Insurance Brokers.
Ten Star’s presence in six Canadian provinces will serve to strengthen Investia’s mutual fund distribution platform and reinforce its position as a preeminent force in the independent advisor channel. The acquisition of Ten Star Life significantly increases the size and scale of NFIA’s MGA life insurance distribution business.
"We welcome these highly qualified and experienced advisors and agents and look forward to helping them continue to strengthen client relationships and grow their business", said Louis H. DeConinck , president of Investia.
"I am pleased to have found a partner such as Investia which shares a similar culture and philosophy as Ten Star and provides strong support to independent life brokers and mutual fund advisors", added David Baird , President of Ten Star Financial.