(May 30 – 15:10 ET) – Canagex, the investment management subsidiary of Desjardins-Laurentian Financial Corporation has partnered with Sanford C. Bernstein & Co., a leading global investment manager. The deal will see 20 new jobs added at the Montreal offices of Canagex.
Canagex will gain access to Bernstein’s expertise in investment research and portfolio management for international markets. This partnership will make Canagex one of the leading institutional managers in Quebec and Canada.
Bernstein currently manages assets valued in excess of C$120 billion, is one of the largest managers of private wealth in the U.S. and has a staff of more than 1,400.
“This partnership will enhance Canagex’s expertise as an investment manager for international markets,” said stressed Alban D’Amours, President of the Mouvement des caisses Desjardins. “It also reflects Desjardins’ intention to become the leading wealth manager in Quebec and to be a world class cooperative able to offer its members and clients services of unequalled quality that best meet their diverse needs.”
“We are very pleased to enter into this relationship with Desjardins,” declared Roger Hertog, president of Sanford C. Bernstein & Co. “Bernstein chooses strategic partners very carefully.”
Canagex also announced it would move its Toronto operations to Montreal. “To be successful, we will need to maintain clear and intensive communications with Bernstein. Centralizing our operations in Montreal is appropriate and necessary under the circumstances,” said Richard Neault, president and COO of Canagex.
Canagex will also soon be sporting a new name and logo. “We are currently developing a name that reflects the image we want Canagex to project, in other words, the image of a company that offers superior quality global products,” noted Neault.
-IE Staff
http://www.newswire.ca/releases/May2000/30/c9598.html