Industrial Alliance’s HollisWealth buy complete, boosting AUA to nearly $80B

Industrial Alliance has completed the acquisition of HollisWealth from Scotiabank, effective August 4, 2017.

The agreement was first disclosed on December 5, 2016. Carl Mustos, head of the iA Financial Group division merging with HollisWealth, said at that time that scale is increasingly important for wealth management firms as they deal with the cost pressures of technology and regulations.

He told Advisor.ca that the purchase “gives [iA Financial Group] a nice breadth nationally, and across both MFDA and IIROC. It’s very complementary to us.”

Read: ‘Scale is what makes this thing work’: IA on Hollis purchase

In an August 8 release, Industrial Alliance Insurance and Financial Services Inc., along with Scotiabank, say iA Financial Group becomes one of the largest non-bank wealth management firms in Canada with the addition of HollisWealth — with assets under administration of close to $80 billion.

Read: IA Financial’s AUA grows 9% in 2016

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.