NU Online News Service, July 16, 7:15 p.m. – AEGON N.V., The Hague, The Netherlands, has agreed to expand distribution network in Canada by acquiring National Financial Corp., Toronto, the parent company of Money Concepts (Canada) Ltd., through a stock purchase.
The value of the deal was not announced, but AEGON says it hopes to complete the acquisition by Aug. 31.
Money Concepts bills itself as the largest franchised financial planning company in Canada. It and its franchise holders have 97 offices, 348 representatives, 71,000 clients and the equivalent of U.S. $1.6 billion in assets under management.
Money Concepts also owns Money Concepts Group Capital Corp., a registered mutual fund dealer, and National Financial Insurance Agency Inc., a national managing general agency.
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The Sylvester family started the company in 1984, by acquiring the Canadian rights to the concept from Money Concepts International Inc., Palm Beach Gardens, Fla.