June 14, 2005
Assante Corporation aligns its distribution strategy for future growth
Toronto, ON (June 14, 2005) - Joseph C. Canavan, Chairman and CEO, Assante Corporation ("Assante"), announced today an integrated distribution strategy across Assante’s three distribution businesses. Under the plan, the Assante Wealth Management, Assante Private Counsel and IQON Financial Management Inc. ("IQON") businesses will continue to provide their unique value propositions but will move to a common administrative platform that supports all channels by leveraging the strength and resources of its parent company, CI Fund Management Inc. ("CI"), a $70 billion financial services firm.
Assante’s plan includes maintaining and supporting the distribution businesses and clearly defines the unique value proposition of each. The offering will include:
- IQON Financial, a mostly self-sufficient, community-based individual channel, with an integrated approach to financial planning
- Assante Wealth Management, a corporately branded channel offering with a full level of service, corporate support programs and an integrated approach to wealth management
- Assante Private Counsel, a high-end, corporately branded channel for individuals serving high net worth clients.
Since its acquisition by CI in November 2003, Assante has been working diligently to leverage CI’s back-office expertise to create a strong operating platform. Under the new strategy, IQON will join a common back-office platform, and as a result, the IQON back-office infrastructure and corporate functions in Winnipeg, Manitoba, will be consolidated with the rest of Assante’s operations in Ontario.
"We are very excited about our plans for the future of all three businesses and the excellent opportunities each presents," said Mr. Canavan. "We have significantly restructured and refined our distribution platform since Assante was acquired by CI and are now positioned for significant growth. We will grow our business three ways. We are fully committed to supporting our advisors in achieving their goals and objectives, we have recently embarked on a recruitment program and are looking at selective acquisitions."
About Assante Corporation
Assante and its subsidiaries provide integrated wealth management solutions to Canadians through a network of over 1,100 financial advisors across Canada. Its range of services includes investment advice, portfolio management, tax planning, and insurance and estate planning. Assante has $24 billion of assets under administration and is a wholly owned subsidiary of CI Fund Management Inc.
For further information contact:
Joseph C. Canavan
Chairman & CEO
Assante Corporation
(416) 644-5650
