Canada-based Industrial Alliance Insurance and Financial Services has agreed to acquire financial network HollisWealth from Scotiabank for an undisclosed amount.
HollisWealth, which was part of Scotiabank's acquisition of DundeeWealth in 2011, provides diversified investment and wealth management services to individuals, families and corporations.
HollisWealth manages nearly $34bn in assets under administration (AUA), 800 licensed advisors, 400,000 active client accounts and over 300 locations in Canada.
Industrial Alliance said that expanding its wealth management platform and capabilities has been a strategic priority, having completed 25 acquisitions in wealth management since 2000.
Following the acquisition, Alliance will become one of the largest non-bank wealth management advisory firms in Canada with $75bn in AUA.
Subject to applicable regulatory approvals, the deal is expected to close in the third quarter of 2017.
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Industrial Alliance president and CEO Yvon Charest said: "This strategic acquisition will place us near the top of the largest non-bank wealth management advisory firms in Canada with $75 billion in assets under administration.
"The addition of 800 client-focused advisors across Canada will give us a truly national network and additional scale, which will create new growth opportunities and allow for continued investment and innovation in client solutions."
Scotiabank group head of Canadian banking James O'Sullivan said: "Scotiabank is proud to have been a part of the growth of HollisWealth. We believe that Industrial Alliance will be a great fit for our HollisWealth advisor model and look forward to having an ongoing relationship with Industrial Alliance, as HollisWealth will continue to be a distribution partner for Dynamic Funds."