8 September 2017, 09:45
Photo : Freepik
The company’s canadian independent wealth management, Financial IT, comes to complete the acquisition of securities BBS and its associated entities, including Pario Technology Corp. and Virtual Brokers.
The transaction is expected to close during the fourth quarter of 2017, subject to regulatory approval. The terms of the transaction, for which Blair Franklin acted as exclusive financial advisor to BBS, have not been disclosed.
Improve the efficiency of operations
«We are very pleased to acquire BBS that stood out on the market thanks to its innovative technology, said Peter W. Anderson, director general of CI. All subsidiaries of the Financial benefit of these advanced technologies, which will also improve the efficiency of our operations and our offer of products and services to financial advisors and their clients. «
BBS provides a wide range of services to individual and institutional investors through an online brokerage platform, one of the most advanced and most efficient technology on the canadian market. «As one of the largest asset managers in Canada, we make sure we have the skills and technologies to help us respond effectively to the changing needs of our investors and our advisors,» continued Mr. Anderson.
«Financial capacity and stability»
«We are excited at the idea of uniting our forces with those of Financial, another company that is proud to be independent and entrepreneurial,» said Bardya Ziaian, founder, ceo and president of securities BBS. Our company will have the financial capacity and stability of which will support investment in the technologies, and the development of products and services. «
Note that Virtual Brokers will continue to operate under its current name after the closing of the transaction.