21:11:06 EDT Fri 09 Jun 2023
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Guardian Capital Group Ltd
Symbol GCG
Shares Issued 2,749,379
Close 2022-11-30 C$ 38.00
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Globe says Desjardins buying three Guardian operations

2022-12-01 07:29 ET - In the News

The Globe and Mail reports in its Thursday, Dec. 1, edition that Desjardins Group has agreed to buy Guardian Capital Group's insurance and wealth management operations, tripling its adviser network to more than 7,000 professionals across Canada. The Globe's Clare O'Hara writes that Desjardins will pay $750-million to acquire three separate operations from Guardian Capital: IDC Worldsource Insurance Network Inc., a life-insurance advisory business; mutual-fund dealer Worldsource Financial Management Inc.; and Worldsource Securities Inc., a securities licensed investment company. Following the deal, which is expected to close in the first quarter of 2023, Desjardins will have more than $2-billion in life-insurance premiums and $43-billion in assets in retail investment funds. Those assets include segregated funds -- a type of insurance contract that allows investors to participate in markets. All three of the Guardian companies will continue to operate as stand-alone businesses, with their current employees retained. The deal will add more than 5,000 independent insurance and investment advisers to Desjardins's existing 2,000 advisers. The Globe notes that Guardian Capital manages about $48-billion in assets.

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