Combined firm targets institutional and private wealth clients with broader mandates
Desjardins Group and Guardian Capital Group Limited now oversee about $280bn in assets after closing Desjardins’ $1.67bn acquisition of Guardian, according to a Desjardins press release.
The deal sees Desjardins Global Asset Management Inc. acquire Guardian at $68.00 per share, as reported by Desjardins.
Desjardins said in its release that the combined asset manager will serve institutional and private wealth clients across Canada and increase its international presence.
According to the press release, Desjardins and Guardian plan to build a competitively scaled asset management firm with complementary expertise, broader global market reach and more diversified investment capabilities, including a wider range of public and private market investment products under one roof.
Both firms describe their approach as client-first with strong governance.
Desjardins Group president and CEO Denis Dubois said closing the transaction will allow the firm to grow more quickly and broaden its investment offerings for members, clients and investors.
He added that it brings in a team that “fits our culture and ambition,” in a statement to Wealth Professional.
George Mavroudis, CEO of Guardian Capital Group and now president and chief executive officer of Desjardins Global Asset Management, said the deal gives the combined firm more scale and resources to pursue its growth plans and serve clients as their needs change.
He said the goal is to build a global asset management platform with a “client‑focused” strategy.
As a result of the transaction, Guardian’s Class A and common shares are expected to be delisted from the Toronto Stock Exchange, and Guardian intends to apply to cease to be a reporting issuer under applicable Canadian securities laws, according to the press release.
Desjardins also noted in the release that this deal follows its 2023 acquisition of Guardian’s life and health insurance and individual savings distribution activities and its 2024 acquisition of The Insurance Company of Prince Edward Island.
