The Globe and Mail reports in its Tuesday, July 29, edition that iA Financial has acquired RF Capital Group -- an advisory firm known as Richardson Wealth, which is partly owned by Winnipeg's Richardson family -- for $597-million in cash. The Globe's Clare O'Hara writes that this deal adds 189 investment advisers and $40.3-billion in assets under administration. iA will pay $20 per share for RF Capital, representing a 107-per-cent premium over the previous closing price of $9.65. The acquisition requires regulatory and shareholder approval, with a $370-million equity valuation and $227-million in financial obligations. Consolidation has been rampant among Canada's wealth management industry as the country's Big Five banks look to expand their own wealth management divisions. Last month, Bank of Montreal acquired employee-owned Burgundy Asset Management for $625-million. Richardson Wealth chief executive officer Dave Kelly said that while there was no "financial need" to sell the company, the Richardson family was clear that any acquirer would need to be "independent, and Canadian-owned." He said, "For the Richardson family, I think the opportunity to partner with somebody like iA came at the right time."