iA Financial completes acquisition of RF Capital

Executive Summary

• iA Financial Corp. Inc. has completed the acquisition of RF Capital Group Inc., a leading independent wealth management company operating under the Richardson Wealth brand.
• The transaction combines iA’s assets with RF Capital’s $43.6-billion in assets under administration, bringing iA’s total combined assets under management and administration to over $330 billion as of September 30, 2025.
• RF Capital shareholders received cash consideration of $20.00 per common share and $25.00 per Series B preferred share, with shares expected to be delisted from the Toronto Stock Exchange around November 4, 2025.

Key Details

• Transaction Structure: The acquisition was completed by a wholly owned subsidiary of iA pursuant to a court-approved plan of arrangement under the Business Corporation Act (Ontario).
• Consideration for Common Shares: $20.00 per common share of RF Capital.
• Consideration for Preferred Shares: $25.00 per cumulative five-year rate reset preferred share, Series B, plus all accrued and unpaid dividends and an amount equal to dividends payable until the next redemption date (March 31, 2026).
• Assets Under Administration (AUA): RF Capital held $43.6 billion in AUA as of September 30, 2025.
• Combined Scale: Post-transaction, iA’s total assets under management and administration surpassed $330 billion.
• Client Base: iA Wealth now serves more than 500,000 clients through over 1,450 adviser teams.
• Operational Status: RF Capital and its advisers maintain operational independence and their valued culture.
• Delisting: Common shares and Series B preferred shares of RF Capital are expected to be delisted from the Toronto Stock Exchange on or about November 4, 2025.
• Reporting Status: RF Capital has applied to cease being a reporting issuer in all Canadian provinces where it is currently a reporting issuer.
• Shareholder Process: Letters of transmittal have been mailed to registered shareholders, who must return completed letters to TSX Trust Company to receive payment.

Notable Quotes

• Denis Ricard, President and CEO of iA: "We are proud to mark the closing of this strategic acquisition, which not only creates compelling opportunities for accelerated growth, but also underscores our commitment to the value of advice... This transaction further reinforces iA Wealth's position as a leading non-bank wealth platform in Canada and will generate meaningful synergies, expanded capabilities and long-term shareholder value."
• Stephan Bourbonnais, Executive Vice-President, Wealth Management: "With the combination of iA and RF Capital strengths, we elevate our value proposition and personalized financial solutions for advisors and clients through best-in-class technology and product offering... This positive response reflects advisers' confidence in our long-term vision, the benefits of scale and the significant growth opportunities."
• Dave Kelly, President and CEO of RF Capital: "This marks an exciting new chapter for RF Capital, unlocking powerful opportunities for our advisers and clients... RF Capital and its advisers maintain their operational independence and valued culture, and we are thrilled to join iA and collaborate to bring the best of both organizations to power the ongoing success of our advisers and financial security for our clients."