Desjardins unit buys Performa

Standard Life Financial has announced the sale of mutual fund dealer Performa Financial Group to Optifund Investments, a subsidiary of Desjardins Financial Security.

“Desjardins Financial Security wants to double its market share outside Quebec,” said François Joly, president and COO of Desjardins Financial Security. “The transaction we are announcing today will help us reach that objective and enable us to consolidate our position as one of the top financial services providers in Canada.”

Performa has $1.3 billion in assets under management, with 90% of those assets outside of Quebec, despite its head office being located in Montreal. The firm has 15 independent branches with about 125 affiliated advisors.

Standard Life president Joseph Iannicelli said the sale will allow his firm to focus on its core activities, including wealth and risk management through the use of insurance, investment and retirement products.

“We are delighted with this transaction, which we believe offers good value for Standard Life,” Iannicelli said. “I want to take this opportunity to particularly thank Andy Mitchell, Performa’s President, for his contributions and leadership and for the excellent support of his senior management team. Mr. Mitchell will pursue other career interests.”

The transaction is subject to regulatory approvals.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com