Host Financial is acquiring the Sage Financial Services IFA network and launching IFA firm the Host Partnership.
The move follows the withdrawal from parent company Sun Life Financial of Canada.
SLFOC pulled out of Host in February as part of its move to axe its direct salesforce and withdraw from the individual product market in the UK.
Both Host Partnership and Sage have PIA approval. The plan is to look for Aim listing within months of the launch.
Sage has 71 registered individuals and 36 member firms. They will be joined by 40 former direct-sales advisers from SLFOC setting up as IFAs.
Sage will offer ad hoc consultancy services to IFAs directly registered by the PIA.
Host Partnership will launch with around 180 IFAs, all ex-SLFOC salespeople, based at 13 sites.
Phil Lockyer, previously sales director at SLFOC and Allied Dunbar, will be chief executive of Host Partnership and Trevor Newham will head the Sage network.