Thursday, December 1, 2022
HomeInsurance LawDesjardins to purchase Guardian’s life, wealth and funding property

Desjardins to purchase Guardian’s life, wealth and funding property

Canadian monetary providers group Desjardins has signed a C$750m ($559.14m) deal to purchase life insurance coverage and different property of Guardian Capital Group (Guardian).

Particularly, Desjardins will purchase Idc Worldsource Insurance coverage Community (IDC), a life insurance coverage managing basic company (MGA).

The deal additionally features a mutual fund supplier referred to as Worldsource Monetary Administration (WFM) and Worldsource Securities (WSI ), a full-service funding supplier.

Collectively IDC, WFM, and WSI serve over 5,000 impartial advisors within the Canadian insurance coverage and monetary advisory area. 

The deal is anticipated to bolster Desjardins’ place within the life insurance coverage and wealth administration sectors. 

As of 30 June 2022, Guardian’s property deliver over C$2bn in lively life insurance coverage premiums and C$43bn in whole property beneath administration in mutual funds, segregated funds, and securities.

Desjardins Group president and CEO Man Cormier stated: “On the insurance coverage facet, it extends our market attain and positions us as a frontrunner in life insurance coverage impartial distribution in Canada. On the monetary advisory facet, the mutual fund and securities sellers will improve and strengthen our distribution of retail funding merchandise. 

“With this added bench power, Desjardins will be capable of serve extra Canadians and obtain important mass to generate the monetary flexibility to innovate and make investments to raised meet the wants of our members, shoppers and advisors.”

Desjardins intends to run the acquired companies independently, with the prevailing administration and workers persevering with of their roles.

Guardian president and CEO George Mavroudis stated, “We’re pleased with the standard of wealth companies we have now constructed. Desjardins has the imaginative and prescient, sources and long-term dedication to supply the workers and advisors an surroundings to thrive and attain even better ranges of success.”

The deal is anticipated to shut within the first quarter of 2023, topic to receipt of regulatory approvals.



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