Qtrade Fund Management and Meritas Financial have announced an agreement to combine their operations, creating a company with $4 billion in assets under administration.
Under the terms of the friendly merger, Meritas will continue to operate as an independent entity within the Qtrade Financial Group, specializing in socially responsible investing.
“The opportunity to broaden our wealth management offering with Meritas, a leading provider of SRI investment solutions in Canada, is very exciting,” said Qtrade CEO Scott Gibner in a statement. “Meritas’ strong and unwavering commitment to SRI over the last 10 years has been the foundation for their success and, as SRI funds continue to grow in popularity in Canada and globally, we believe this dedication and historical track record will continue to serve Meritas very well into the future.”
“I am excited by the expanded prospects for Meritas as a result of this partnership with Qtrade,” added Meritas CEO Gary Hawton. “This is a significant milestone in the growth and maturity of Meritas Mutual Funds."
During the current difficult economic climate where many mutual fund companies are cutting staff and closing funds, Hawton says Meritas plans to do the opposite, hiring more staff, developing stronger relationships with advisors and likely adding new funds to the Meritas family.
“Our growth suggests that more Canadians are asking for SRI funds to be added to their portfolios,” Hawton says. “I am convinced that Meritas will emerge as the SRI fund company of choice for a growing number of investors and advisors.”
The transaction is expected to close at the end of March 2010, subject to regulatory and other approvals.
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