Desjardins Financial Corporation Inc. has completed the purchase of 40% of Qtrade Financial Group’s outstanding shares on a fully diluted basis.

Qtrade is a brokerage and wealth management company that offers products and services including: online, full-service and institutional brokerage services, mutual fund dealer services, insurance dealer services, portfolio management and discretionary money management services and diversified managed portfolios.

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“We are extremely satisfied that the transaction was approved and is now complete. This deal will be beneficial to Qtrade clients and the co-operative movement across Canada,” said Desjardins Group chair of the board, president and CEO, Monique F. Leroux. “We now look forward to working with Qtrade, and being part of its continued growth and success.”

“We very much appreciate the tremendous support we have received from our current partners and others in the credit union community regarding our partnership with Desjardins,” commented Scott Gibner, CEO, Qtrade Financial Group. “Now that the deal is closed, we are looking forward to expanding the work we have done to accelerate the success of Canadian credit unions in wealth management.”

Three Desjardins representatives will join Qtrade’s board of directors:

  • Bill Packham, executive managing director of wealth management and life and health insurance as co-chair;
  • Christiane Bergevin, executive vice-president of strategic partnerships; and
  • Vincent Hogue, senior vice-president and head of private client services.

The following existing Qtrade board members will continue to serve:

  • John Sibley, executive vice-president, Uranium One, will also act as co-chair;
  • Qtrade’s CEO Scott Gibner and COO Joe Perrin;
  • Launi Skinner, CEO of First West Credit Union; and
  • Brent Zorgdrager, CEO of Mennonite Savings and Credit Union.

Headquartered in Vancouver, Qtrade will continue to operate independently with its current leadership and under its own brand name. Desjardins will have the right to acquire the majority of the remaining Qtrade shares over the next six years.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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