Credential Financial Inc. and Alterna Savings and its subsidiary Alterna Bank yesterday announced an agreement that will see Credential become Alterna’s Wealth Management partner.

As of May, Alterna Savings and Alterna Bank will offer mutual fund dealer services through Credential Asset Management (CAM) and in the process transfer approximately $100 million in assets to CAM.

Alterna Savings and Alterna Bank currently offer members and clients in Ontario investment services through Credential’s member companies for securities, mutual funds, insurance and online brokerage services. This new relationship marks the first time Alterna Bank will offer mutual funds through CAM in Quebec.

“Strategically, Alterna is focused on providing a comprehensive and differentiated service experience to our members and clients. High quality investment and insurance services are cornerstones of the strategy. By consolidating our business with Credential we are on target to realizing a key dimension of that experience,” said Gary Seveny, president and CEO, Alterna Savings and Alterna Bank.

With over $8 billion in assets, Credential’s mandate is to provide investment and insurance leadership, valued advice, and innovative solutions to their credit union partners, their advisors, and their members.

“We are pleased to welcome Alterna as a strategic partner and as a valued customer.” said Don Rolfe President and CEO, Credential Financial Inc. “We will work hard to support Alterna’s vision and to help position them competitively within the investment and insurance industry,” he added.

Alterna Savings serves its approximately 190,000 members through 24 branches and 81 ABM locations stretching from Toronto to Ottawa, including Kingston, Pembroke and North Bay. With approximately $1.8 billion in assets, Alterna Savings is one of Canada’s largest credit unions. Alterna Savings and its members own a federally chartered subsidiary bank, Alterna Bank, which operates two branches in Gatineau, Quebec.