June 18, 2001 by Canadian Underwriter
Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.
At that time, former Equisure president George Hutchison noted that “ING has been very public in wanting to expand distribution of other financial products”. The company also expressed plans to convert Equisure to “from a public company in consolidation mode to a privately held company where ownerhsip of brokerages is hared with the brokers,” according to new CEO and chair Guy Desjardins.
An IPC press release states that the company is “building a diversified financial services company focusing on the highly fragmented financial planning industry…IPC’s intent is to be the premier choice among financial planners who are dedicated to serving the needs of their clients”.
The acquisition is set to close on June 30, subject to regulatory approvals.