Canadian financial services group Desjardins has signed a C$750m ($559.14m) deal to buy life insurance and other assets of Guardian Capital Group (Guardian).

Specifically, Desjardins will acquire IDC Worldsource Insurance Network (IDC), a life insurance managing general agency (MGA).

The deal also includes a mutual fund dealer called Worldsource Financial Management (WFM) and Worldsource Securities (WSI), a full-service investment dealer.

Together IDC, WFM, and WSI serve over 5,000 independent advisors in the Canadian insurance and financial advisory space. 

The deal is expected to bolster Desjardins’ position in the life insurance and wealth management sectors

As of 30 June 2022, Guardian’s assets bring over C$2bn in active life insurance premiums and C$43bn in total assets under administration in mutual funds, segregated funds, and securities.

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Desjardins Group president and CEO Guy Cormier said: “On the insurance side, it extends our market reach and positions us as a leader in life insurance independent distribution in Canada. On the financial advisory side, the mutual fund and securities dealers will enhance and strengthen our distribution of retail investment products. 

“With this added bench strength, Desjardins will be able to serve more Canadians and achieve critical mass to generate the financial flexibility to innovate and invest to better meet the needs of our members, clients and advisors.”

Desjardins intends to run the acquired businesses independently, with the existing management and staff continuing in their roles.

Guardian president and CEO George Mavroudis said, “We are proud of the quality of wealth businesses we have built. Desjardins has the vision, resources and long-term commitment to offer the employees and advisors an environment to thrive and reach even greater levels of success.”

The deal is anticipated to close in the first quarter of 2023, subject to receipt of regulatory approvals.