(Reuters) - Canadian asset manager Desjardins Group is partnering with five credit union centrals and insurer Cumis Group to form a wealth management firm with about C$55 billion ($42.74 billion) in assets under management.
The new entity, Aviso Wealth, will be equally owned by Desjardins and a partnership between the credit union centrals and Cumis, according to a joint statement issued on Tuesday.
The company will be created through a merger of the business owned by their subsidiaries and will offer a wealth management platform to meet the needs of credit union partners and their members.
Bill Packham, currently chief executive of Desjardin’s Qtrade Canada Inc unit, will lead Aviso.
The deal is expected to close in the first quarter of 2018.
($1 = 1.2868 Canadian dollars)
Reporting by Ahmed Farhatha in Bengaluru; Editing by Anil D'Silva