PI Financial Corp. to Acquire Union Securities Ltd. Accounts



VANCOUVER, BC – PI Financial Corp. (PI Financial) announced today that it has entered into a definitive agreement pursuant to which PI Financial will acquire the client accounts of Union Securities Ltd. (Union), a national investment dealer, specializing in servicing individual, corporate, and institutional clients. In addition to acquiring Union’s client accounts, sixty Union investment advisors, who currently serve these clients, will be joining PI Financial.

Following closing, the Union investment advisors will join PI Financial’s Private Client Services division which will total about 150 advisors in six offices. This acqusition is part of PI Financial’s continued strategic focus on the growth of its operations and is the firm’s second transaction of this nature. PI Financial acquired twelve investment advisors from Gateway Securities in 2009.

“This acquisition reflects PI’s commitment to expanding our business, even in this challenging market environment,” said Max Meier, Chairman & CEO of PI Financial “this acquisition makes us more competitive in a rapidly consolidating industry. Our strong financial position allows us to complete transactions of this nature and we are confident that Union’s clients and investment advisors will benefit from being with our firm.”

Upon completion of the transaction, expected in October, PI Financial will have offices in Vancouver, Victoria, Calgary, Regina, Winnipeg and Toronto.

Norman F. Thompson, Chairman & CEO of Union said “we are pleased with the transaction we have entered into with PI Financial. The addition of Union’s investment advisors and accounts to PI Financial’s strong organization is a prudent step in providing our clients with the confidence and stability that is needed in these difficult market conditions.”

Completion of the Union transaction is subject to certain conditions and regulatory approvals.

About PI Financial
PI Financial, which has just completed its 30th consecutive year of profitability, is a leading, full-service investment dealer, providing a full range of investment products and services to over 20,000 individual, corporate and institutional investors. PI is 75% employee-owned, and 25% owned by National Bank Financial, a subsidiary of National Bank of Canada. Upon completion of the transaction, PI Financial will have over 250 employees.

PI Financial is also one of Canada's top investment banks for small to mid cap Canadian companies and has expertise in the resource, energy, technology, industrial products, transportation and consumer discretionary sectors.

For more information, please contact:

Max Meier, Chairman & CEO
PI Financial Corp.
Tel: (604) 664-2905

Norman F. Thompson, Chairman & CEO
Union Securities Ltd.
Tel: (604) 691-2828