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Canada’s Desjardins Buys Hexavest, Adding $4.1 Billion in Assets

  • Move comes after Montreal firm ended Eaton Vance partnership
  • Desjardins aims for C$100 billion in managed assets by 2024
Views Of Quebec's Largest City As Home Sales Rise
Photographer: Brent Lewin/Bloomberg

Desjardins Group, North America’s largest financial services co-operative, agreed to acquire the assets of Canadian investment manager Hexavest Inc., adding C$5 billion ($4.1 billion) in institutional funds.

The purchase is in line with a the co-operative’s growth goal of targeting C$100 billion in assets under management by 2024, Nicolas Richard, president and chief operating officer of Desjardins Global Asset Management, said Monday in a statement. The Quebec-based asset manager had C$83 billion in assets under management as of the end of March.