iA Financial Corporation has completed its acquisition of RF Capital Group, marking a significant expansion of its wealth and insurance operations in Canada.
The deal strengthens iA's position as one of the country's largest independent non-bank financial services providers, combining its insurance expertise with RF Capital's strong presence in wealth management.
RF Capital, operating under the Richardson Wealth brand, manages more than $43.6 billion in assets and focuses on serving the high-net-worth advisory segment. With RF Capital now part of the group, iA Financial’s total assets under management and administration exceed $330 billion, broadening its distribution network and enhancing opportunities to cross-sell insurance and investment products.
iA President and CEO Denis Ricard said the acquisition reinforces the company’s long-term strategy to integrate wealth and insurance services under one platform. He added that the transaction will strengthen iA Wealth’s position in the market by creating synergies, expanding capabilities, and delivering long-term value for shareholders.
According to Stephan Bourbonnais, executive vice president of wealth management, the combination of iA and RF Capital allows the company to enhance its technology, product offering, and value proposition for both advisors and clients. He noted that engagement among advisors has been strong since the announcement, reflecting confidence in iA’s long-term vision and the potential for future growth.
RF Capital President and CEO Dave Kelly said the transaction opens new opportunities for advisors and clients, while allowing RF Capital to maintain its independent culture within the iA group. He will continue to lead the business and oversee the transition process.
The acquisition reflects a broader trend in Canada’s financial sector, where insurers are expanding into wealth management to diversify revenue and integrate insurance with investment planning.
The addition of RF Capital’s advisory network and digital platforms is expected to improve iA’s ability to deliver comprehensive financial solutions and strengthen its competitiveness in both markets.
The transaction was completed under a court-approved plan of arrangement, with RF Capital common shareholders receiving C$20.00 per share and preferred shareholders receiving C$25 per share plus accrued dividends.
The company’s shares are expected to be delisted from the Toronto Stock Exchange around November 4, 2025.
