Desjardins and acquired firm now oversee about $280 billion in assets under management
Desjardins Global Asset Management and Guardian Capital Group now oversee about $280bn in combined assets after Desjardins closed its take‑private acquisition of Guardian for $1.67bn, according to the firms.
Guardian Capital Group Limited (Guardian) said it completed the previously announced acquisition by Desjardins Global Asset Management Inc. (DGAM), an affiliate of Desjardins Group, by way of a statutory plan of arrangement under the Business Corporations Act (Ontario).
Guardian reported that DGAM acquired all issued and outstanding common and Class A shares, other than rollover shares, for $68.00 per share in cash, valuing Guardian’s equity at approximately $1.67bn.
With the closing finalized, Desjardins Group said DGAM and Guardian now oversee about $280bn in combined assets under management and advisement.
It added that Guardian’s Class A and common shares are expected to be delisted from the Toronto Stock Exchange and that the firm plans to apply to cease being a reporting issuer under Canadian securities laws.
Both firms describe a shared long‑term strategy.
Guardian and Desjardins said they want to create a competitively scaled asset manager built on complementary expertise, strong governance and a client‑first approach, and that they expect the merger to widen their global footprint and deepen their range of investment strategies.
Denis Dubois, president and CEO of Desjardins Group, said closing the transaction will help the firm “scale faster” and broaden its investment solutions for members, clients and investors.
He said the deal also brings in a team that fits Desjardins’ culture and ambition.
Effective on closing, George Mavroudis, previously president and chief executive officer of Guardian, became president and chief executive officer of DGAM.
Mavroudis said the deal gives the combined firm added scale and resources to pursue growth and meet changing client needs, and that the goal is to build a global asset management platform with a “client‑focused” strategy.
Desjardins Group said this transaction—valued at $1.67bn and completed at $68.00 per share—follows its acquisition of Guardian Capital Group Limited’s life and health insurance and individual savings distribution activities in 2023 and The Insurance Company of Prince Edward Island in 2024.
