21:14:58 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Industrial Alliance Insurance and Financial Services Inc
Symbol IAG
Shares Issued 102,930,492
Close 2016-12-05 C$ 56.78
Market Cap C$ 5,844,393,336
Recent Sedar Documents

FP/CP say Industrial Alliance buying HollisWealth

2016-12-06 09:16 ET - In the News

Also In the News (C-BNS) Bank of Nova Scotia

The Financial Post reports in its Tuesday, Dec. 6, edition that Industrial Alliance Insurance and Financial Services ($56.78) is buying HollisWealth from Bank of Nova Scotia ($74.29). A Canadian Press dispatch to the Post reports that Industrial Alliance chief executive officer Yvon Charest says the acquisition places the Quebec-based company near the top of the largest non-bank wealth management advisory firms in Canada, with $75-billion in assets under administration. HollisWealth holds $34-billion in assets under administration, 800 licensed advisers, 400,000 active client accounts and over 300 locations across Canada. Industrial Alliance says the acquisition price will vary depending on the assets under administration at closing, adding that it will finance the deal though a combination of cash on hand and issuance of common shares, subject to adjustments and other transaction costs. The insurer will sell 2.5 million shares for $55.65 apiece to raise $139-million as part of a transaction that will almost double its assets under administration. RBC analyst Darko Mihelic said in the Post on April 20 that a pullback in Industrial Alliance shares made it an attractive buy. It was then worth $40.15.

© 2024 Canjex Publishing Ltd. All rights reserved.