iA Financial buying RF Capital Group for $370 million

Bank skyscrapers are seen from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan

QUÉBEC — iA Financial Corp. Inc. says it has reached a deal to buy RF Capital Group Inc., which operates under the Richardson Wealth brand, for $370 million.

Quebec City-based iA Financial says it’s paying $20 per common share in cash for the independent wealth management firm, while financial obligations including debt and preferred shares bring the total consideration to $597 million.

iA Financial says the deal will expand its national footprint and adds more than $40 billion in assets under administration to the firm.

It says the purchase price represents a 102 per cent premium to RF’s 30-day volume weighted average share price on the TSX.

iA Financial says the deal brings the total assets under administration in its wealth division to about $175 billion and creates scale advantages.

Founded in 1892, iA Financial Group says it is one of the largest insurance and wealth management groups in Canada.

This report by The Canadian Press was first published July 28, 2025.