The deal to create a new Canadian wealth management firm through the merger of subsidiaries of Desjardins, the CUMIS Group and five provincial credit union centrals has been finalized.
Aviso Wealth will become one of Canada’s largest independent wealth management firms with around 500,000 clients, and will focus on the wealth management needs of credit union members and other partners and clients across the country. The new firm will offer insurance and do-it-yourself (DIY) investing to full-service, fee-based and responsible investing (RI) options.
“Today marks an exciting day for our credit union partners, members and investors nationwide, with the official launch of Aviso Wealth,” said Bill Packham, President and Chief Executive Officer of Aviso Wealth. “Combining the strengths of all three successful firms, Aviso Wealth provides Canadian investors with a differentiated client experience—offering a full suite of wealth products and services for all stages of the wealth life cycle.”
Desjardins will own 50% and a limited partnership of The Centrals (representing around 300 credit unions) and the CUMIS Group will own 50%. Aviso Wealth will start out with more than $55 billion in combined assets under administration and management
Garth Manness, Chair of Aviso Wealth said, “The formation of Aviso Wealth is exciting news for credit unions in Canada. We firmly believe that the new vertically integrated entity will be better positioned to adapt to market and regulatory changes. Aviso Wealth will cultivate a client-centric service experience that puts member needs first, resulting in an enhanced wealth management experience to credit unions and their members. ”
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