Desjardins, provincial credit unions and Cumis partnering to create Aviso Wealth
The Canadian Press
TORONTO — Quebec credit union Desjardins Group is partnering with five credit union centrals across the country and insurer Cumis Group Ltd. to form Aviso Wealth, with over $55 billion in combined client assets.
The new wealth management company will bring together the businesses of their subsidiaries, Credential Financial Inc., Qtrade Canada Inc. and NEI Investments.
Leading the new organization as chief executive will be Bill Packham, CEO of Qtrade Canada Inc. It will have its main offices in Toronto and Vancouver.
Aviso Wealth will be jointly owned by Desjardins and a limited partnership including the Atlantic Central, Central 1 Credit Union, the Credit Union Central of Manitoba, the Credit Union Central of Saskatchewan, the Credit Union Central of Alberta and Cumis.
The credit union centrals represent approximately 300 credit unions across Canada. Ontario-based Cumis is owned jointly by Co-operators Life Insurance Co. and Central 1 Credit Union.
The transaction is expected to close in the first quarter, subject to regulatory approval and customary closing.