Desjardins finalizes the acquisition of Guardian Capital Group Limited, strengthening its position as a leading asset manager
Closing of a $1.67 billion transaction unites Desjardins Global Asset Management and Guardian Capital Group Limited behind a shared vision for sustainable growth
Montreal, March 23, 2026 – Desjardins Group (“Desjardins”) announced today the official closing of the financial cooperative’s acquisition of Guardian Capital Group Limited (“Guardian”). The transaction, first announced last August, is an important milestone in strengthening Desjardins’s role as a leading asset manager serving institutional and private wealth clients across Canada, while also increasing its presence internationally.
With the closing finalized, Desjardins Global Asset Management and Guardian now oversee approximately C$280 billion in combined assets under management and advisement. The transaction significantly scales their capabilities and expands the scope of the investment solutions they can provide to members, clients and partners, to better meet their needs. As a result of the transaction, Guardian’s Class A and common shares are expected to be delisted shortly from the Toronto Stock Exchange, and Guardian intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.
A shared vision for sustainable, long-term growth
The acquisition marks a pivotal moment in Desjardins’ history as a financial cooperative, and it aligns with the growth the Wealth Management division has been experiencing in recent years. It’s an important step in the organization’s development as an asset manager, improving the choice of investment solutions available to members and clients and bringing a broader range of investment products for both public and private markets under one roof.
Desjardins and Guardian share a long-term vision to build a competitively scaled asset management firm rooted in complementary expertise, strong governance and a high-quality, client-first approach. The combined business will benefit from broader global market reach, diversified investment capabilities and a strong platform to help them deliver sustainable growth.
“Today marks a major milestone for Desjardins. Closing this transaction allows us to scale faster, reach further, and enhance the investment solutions we can offer our members, clients and investors. It positions us for sustainable, long-term growth while bringing in a team that fits our culture and ambition,” said Denis Dubois, President and CEO of Desjardins Group.
“This moment marks the beginning of an exciting new chapter. Joining forces with Desjardins gives us the scale, resources, and shared strategic alignment to accelerate our growth ambitions and continue serving clients with excellence as their needs evolve,” added George Mavroudis, CEO, Guardian Capital Group and now President and Chief Executive Officer of Desjardins Global Asset Management. “By combining our businesses, we are better positioned than ever to build a global asset management platform that stands out for its vision, innovation and client-centric approach.”
The transaction—valued at C$1.67 billion and completed at $68.00 per share—is the latest in a series of acquisitions Desjardins has made in an effort to grow across Canada. The cooperative financial group acquired Guardian Capital Group Limited’s life and health insurance and individual savings distribution activities in 2023, and The Insurance Company of Prince Edward Island in 2024.
For more information (media inquiries only):
Public Relations, Desjardins Group
media@desjardins.com