Desjardins Group and a partnership comprised of Canada's five provincial credit union centrals (the Centrals) and The CUMIS Group announced on December 12, 2017 that they have entered into a definitive agreement to merge the businesses of their subsidiaries, Credential Financial Inc., Qtrade Canada Inc. and NEI Investments. The transaction will create one of Canada's largest independent wealth management firms with more than 500,000 clients across the country and over $55 billion in combined client assets under administration and management.
The new entity, Aviso Wealth, will be a Canadian financial services leader with notable strengths in wealth management, asset management, online brokerage and digital advice, mutual funds and correspondent services.
"The financial needs of Canadians are evolving, and we need to adapt to meet these needs while supporting the values of the cooperative sector," said Garth Manness, CEO of the Credit Union Central of Manitoba, on behalf of the five Centrals. "We know that our members make a conscious choice when investing with their credit union. Our goal is to ensure that choice gives them access to excellent investment planning and advice, lower management fees, and the products and services that best meet their needs."
To read the full press release from Desjardins, please click here.