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Ia financial group offer buy:
The Quebec company IA financial group offers to buy the independent wealth manager RF Capital. For example, an acquisition project valued at 600 million.
Posted at 9:10 a.m.
RF Capital is a company registered on the Toronto Stock. In addition, Exchange exercising its activities under the Heritage brand Richardson.
The former Industrial Alliance offers $ 20 per silver share to RF Capital shareholders. In addition, the equivalent of a bonus greater than 100 % compared to the closing course of the $ 9.65 of RF Capital on Friday in Toronto.
The purchase price includes a sum ia financial group offer buy of 227 million in financial bonds, in particular debt.
The purchase offer arrives at a time that may seem appropriate. Similarly, The title of RF Capital has dropped sharply on the stock market since the grouping of shares (10 for. For example, one) which occurred in 2022.
Heritage Richardson has 189 advisers to the country, including 28 in Quebec. Furthermore, The transaction would extend the wealth management network to 2. Therefore, 750 advisers in addition to bringing the assets under administration combined with around $ 175 billion following 40 billion dollars in administration.
“This acquisition marks a crucial step in our strategy aimed at extending. Consequently, strengthening our position in the Canadian Independent Heritage Management sector,” said the CEO of the financial group IA, Denis Ricard, at a conference call on Monday morning.
He specifies that the operation would position the AI financial group as the first. Therefore, non -banking independent heritage manager in the country by strengthening the presence of the company in the segment of wealthy customers.
In his eyes, the acquisition of RF Capital is not only complementary, but also constitutes a “powerful” growth lever. “Our teams have identified significant cost and income synergies,” said Denis Ricard.
This would be the largest acquisition of the history of the financial group AI in wealth management. the second largest acquisition ever made by the company all sectors combined after that of the American supplier of car guarantees, IAS, five years ago for just over a billion dollars.
ia financial group offer buyPhoto provided
Stéphan Bourbonnais is responsible for wealth management in the IA financial group.
The vice-president responsible for wealth management in the IA financial group. Stéphan Bourbonnais, argues that the organization has seen an opportunity to add a new distribution channel to the current Investia channels and the private wealth management that cover the independent sector in terms of distribution with two different models where advisers are responsible for their own offices and brand image.
“Having a new distribution channel that can allow us to have a new more corporate model approaching that of the banks where advisers can reach our organization. have a slightly worse office offering them different services is something that we lacked to complete our proposal for advisers ia financial group offer buy wishing to go to the independent sector,” he said in an interview.
Stéphan Bourbonnais adds that wealth management is still dominated at almost 90 % by banks in the country. “They control the market very importantly. it is important in Canada to have an alternative for customers and for advisers. And this is where this partnership brings all its value because we were already a significant player in distribution. with 135 billion. By adding 40 billion with Richardson, we become the independent number one country. We have a great opportunity to redefine how wealth management is offered in Canada. support advisers and Canadians in the right way. »»
Lemar Persaud. from the Cormmark Securities firm, tried to know on Monday if the purchase offer was part of a competitive sales process. Because at least another group was interested, said the ia financial group offer buy analyst.
Denis Ricard was content to answer that a circular will soon be sent to RF Capital shareholders. that details will be provided in this document.
Canaccord had offered to buy RF Capital four years ago. However, the proposal had been rejected by the company’s board of directors.
RF Capital is 44 % owned by the Richardson family.
The entrepreneurial history of this family dates back to 1857 with the foundation of a cereal marketing company by James Richardson. His grandson reoriented activities towards securities in the 1920s. Richardson Securities subsequently merged with Greenshields to train Richardson Greenshields in 1982. Fourteen years later, the royal bank bought Richardson Greenshields.
The Richardson family returned to the financial services sector by launching in 2003 the. financial group ia financial group offer buy Richardson who merged with GMP in 2009. A few years later, Richardson GMP bought the Macquarie firm.
Heritage Richardson was created five years ago after a series of transactions. including the sale of financial market activities in Stifel.
Ia financial group offer buy
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