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The Canadian Press - ONLINE EDITION

3Macs and Desjardins Securities strike deal to grow their businesses

TORONTO - Wealth management firm 3Macs is increasing its footprint in Ontario with the acquisition of three branches of Desjardins Securities, including the transfer of employees and clients.

Terms of the deal weren't disclosed.

The agreement gives Desjardins an opportunity to take a minority ownership interest in 3Macs in the coming year and will allow it to distribute its financial products more widely across the country.

3Macs says the deal will strengthen its position as a leading, independent wealth management firm.

Formally known as MacDougall, MacDougall and MacTier Inc., the Montreal-based firm has roots dating back to 1849.

Desjardins Securities is the brokerage arm of Quebec-based Desjardins Group and has more than $30 billion in assets under management.

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