Market Woes Erase 20% of Asset Value at Billionaires Desmarais’ Firm
- PE group Sagard was valued below C$1 billion at year-end
- ‘It was not a year of high investor confidence,’ CEO Orr says
Paul Desmarais III
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
The holding company of Canada’s billionaire Desmarais family saw its net asset value slide 20% last year, as its private equity and insurance businesses suffered from volatility in global equity and bond markets.
Power Corp. of Canada said its investments were worth about C$28 billion ($20.4 billion) at the end of December, or C$41.91 per share. The decline erased almost all of the prior year’s gains.