Desjardins launches new firm, partners with Fiera

(August 5, 2003) There’s a new name in wealth management in Quebec, as Desjardins Financial announced the creation of Desjardins Asset Management today.

The new division will be created through the merger of Desjardins’ existing investment branches, Opvest and Elantis Investment Management.

“The creation of Desjardins Asset Management will enable us to consolidate our asset management and investment strategic resources in a single division and optimize our performance,” stated Monique F. Leroux, president of Desjardins Financial and CEO of Opvest and Elantis.

The new firm will enter a strategic alliance with Fiera International Inc., holding a 30% stake in the partnership. Fiera president Jean-Guy Desjardins will head the partnership firm, to be named Fiera Capital, which will inherit about $5 billion in assets from Elantis.

“Fiera Capital will focus on developing new, top-tier, competitive Canadian investment products and services to be offered to institutional and private clients, as well as mutual funds,” said Desjardins. “We will work hand in hand with both the Elantis Investment Management and Desjardins Financial Corporation teams to ensure that the transition takes place as smoothly and seamlessly as possible.”

Desjardins Asset Management will manage $25 billion in assets, mainly derived from accounts currently controlled by Desjardins Group and its component units. Leroux will become CEO of Desjardins Asset Management with Gérard Guilbault as COO. Guilbault is currently senior vice-president and CIO of Desjardins Financial Corporation, and CIO of Opvest.

What will the impact of this new arrangement be on financial advisors? Share your thoughts or ideas with your peers in the Talvest Town Hall on Advisor.ca.

Filed by Steven Lamb, Advisor.ca, slamb@advisor.ca