Synergy scouting for acquisitions

Article Abstract:

Synergy Asset Management Inc. President and CEO Joe Canavan stated that the company is looking for acquisitions in the mutual fund industry. He predicted that the downturn in the market is likely to cause fund companies to lay off employees. Synergy Asset, which is owned 40% by Royal Bank of Canada, has advanced the launching of its two new funds, Global Style Management Class, a worldwide equity fund, and the RRSP-eligible Synergy Tactical Asset Allocation Fund, which is billed as a conservative balanced fund.

Comment:

Launches its 2 new funds, Global Style Management Class & the RRSP-eligible Synergy Tactical Asset Allocation Fund

Strategy & planning, Product introduction, Mutual Fund Mgmt Companies, Portfolio Management, Mutual funds, Synergy Asset Management Inc

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Industrial-Alliance believed near deal to buy Seaboard

Article Abstract:

Industrial-Alliance Life Insurance Co., based in Sillery, Quebec, is believed to be on final stages of acquiring Seaboard Life Insurance Co., based in Vancouver, BC, from latter's parent firm, Eureko BV of the Netherlands, for estimated purchase price between C$230 million and C$260 million. The development is part of the ongoing consolidation of the insurance industry in Canada and many other countries.

Comment:

Is believed to be close on selling Seaboard Life Insurance to Industrial-Alliance Life Insur for C$230 mil to C$260 mil

Asset sales & divestitures, Acquisitions & mergers, Life Insurance, Direct Life Insurance Carriers, Industrial Alliance Life Insurance Co., Eureko BV, Seaboard Life Insurance Co.

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