Financial details between the two privately held companies were not disclosed. The final agreement is to be ratified December 31.

Peak, which describes itself as one of the largest independent financial firms in Canada, said the acquisition will allow it to significantly strengthen its position in the financial services industry.

In a news release, the company said “two years after AXA Financial Services' acquisition by Peak Investment Services, this acquisition will increase Peak's assets under administration to over $6.5 billion and could represent the largest transaction in mutual fund dealers in Canada this year.”

With locations throughout Canada, PEAK Financial Group offers its expertise to a network of more than 600 independent advisers working in wealth management, mutual funds, securities, insuranceand financial planning.