3Macs, a Canada-based wealth management firm, has entered into a collaborative agreement with Desjardins Securities, the brokerage firm of Desjardins Group.
As part of the agreement, 3Macs will acquire three branches of Desjardins Securities, including the transfer of employees and clients.
Terms of the deal were not yet disclosed.
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The deal will also offer 3Macs advisors access to Desjardins wealth management products and give an opportunity for Desjardins to take a minority ownership interest in 3Macs in the coming year.
3Macs said that the deal will expand its wealth management presence in Ontario and enable Desjardins to distribute its products more widely across the country.
Randy Ambrosie, CEO, 3Macs, said: "We believe that equity ownership fosters teamwork by providing a unified voice – ultimately making us a more client-centric firm."
Vincent Hogue, senior vice-president and head of private client services at Desjardins Securities, said: "Desjardins Securities selected 3Macs for their expertise in wealth management. 3Macs is well positioned to ensure that the advisors can continue to provide the best possible service to their clients.
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By GlobalData"As well, Desjardins is committed to growing across Canada and this agreement gives us more opportunity to focus on one of our strategic priorities to expand the distribution of our products," he added.
