IPC to acquire independent wealth manager

Investment Planning Counsel Inc. (IPC), a subsidiary of Canada Life, has struck a deal to acquire De Thomas Wealth Management, which manages $2.7 billion in assets under administration (AUA).

The independent, family-owned business was founded in 1987 in Richmond Hill, Ont. It has offices across Canada.

The acquisition by IPC is expected to close by the end of the third quarter, pending regulatory approval. It will increase IPC’s total AUA to nearly $40 billion, up from $36.9 billion at the end of May, the firm said in a release.

Tony De Thomasis, president and CEO of De Thomas Wealth Management, said he looked forward to collaborating with IPC while maintaining each firm’s “entrepreneurial culture and legacy.”

“Through this transaction, our advisors will continue to operate independently, while gaining access to IPC’s enhanced tools and support including their discretionary platform and compelling advisor succession program,” he said in the release.

IPC intends to help the firm grow, with executive vice-president (of advisor growth and succession) John Novachis saying the deal brings together “two organizations that share a deep commitment to advisor entrepreneurship, client-first service, and long-term relationship building.”

In a statement, a Canada Life spokesperson said the firms would “continue to operate independently as we begin a thoughtful transition process over the next year.”

Terms of the deal were not made public.

Noushin Ziafati

Noushin has been the associate editor of Advisor.ca since 2024. Previously, she worked at outlets including the CBC, Canadian Press, CTV News, Telegraph-Journal and Chronicle Herald. Reach her at noushin@newcom.ca.