TORONTO - ING Canada and IPC Financial Network on Thursday announced an alliance to build a wealth management business focused in Canada.
ING Canada - a division of ING Group of the Netherlands - will trade shares in its subsidiary mutual fund distribution arm, AFP Wealth Management, for shares in IPC Financial, a mutual fund distribution company here.
The wealth management business will have about $7 billion of assets and relationships with 900 financial planners in Canada, the companies said.
They said the alliance will give ING employees access to marketing and technological support that IPC Financial has established across Canada, while IPC will benefit from the growing array of financial products that ING is building.
ING will own about 22% of IPC's shares under the deal, with an option to increase that to 35% within four years.