Meritas to merge with Qtrade

Meritas Financial has struck a deal to merge with Qtrade Fund Management, with the combined entity becoming part of Qtrade Financial Group, although Meritas Mutual Funds will continue to operate as a separate division.

Meritas is one of Canada’s leading fund companies in the socially responsible investment (SRI) field, and Qtrade CEO Scott Gibner predicts that SRI will continue to grow in popularity in Canada.

“One of our primary goals will be to build the status of Qtrade’s investment solutions nationally, including a large focus on Meritas’ industry leading SRI investment funds, as more investors and advisors continue to add these wealth solutions and investment funds to their portfolios,” said Gibner.

The combined operations will have more than $4 billion in assets under administration, and $350 million in assets under management.

“At a time when many mutual fund companies are cutting staff and closing funds, we plan to do the opposite,” said Gary Hawton, CEO of Meritas. “We anticipate adding new staff across Canada to continue to develop the strong relationships with the advisors who have made us one of the fastest growing mutual fund companies in the country.” Meritas will not only be adding bodies, but will also add new funds to its line-up, according to Hawton.

Meritas’ head office will remain in Kitchener, Ontario, with regional representation across Canada servicing the advisor community. Vancouver-based Qtrade will open an office in Kitchener as well.

The transaction is expected to close at the end of March 2010, subject to regulatory and other necessary approvals.

(12/02/09)

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The staff of Advisor.ca have been covering news for financial advisors since 1998.