Briefly: “Credit unions in merger talks” and more news

By Staff | August 26, 2010 | Last updated on August 26, 2010
2 min read

DUCA Financial Services Credit Union has announced that it is in talks to purchase the assets Virtual One Credit Union and combine the operations with DUCA.

Virtual One has five branches in Southern Ontario, with $160 million in assets and 8,700 members. If the deal goes through as planned, these will be added to DUCA’s 12 branches, $1 billion in assets and 35,000 members.

“This is a great fit, both geographically and culturally as the two credit unions seek to enhance value for their respective members through additional service locations” says David Bird, CEO of Virtual One.

Upon due diligence and approval by the Deposit Insurance Corporation of Ontario, a formal proposal will be presented to respective memberships later in 2010. The transaction is expected to close on Jan. 1, 2011.

– Steven Lamb

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Credential rolls out 165 new advisors

Credential Financial has announced that over 165 staff have successfully completed its Credential Wealth Management training program and have been granted the internal designation of Wealth Consultant.

Credential Wealth Management (CWM) is designed to improve wealth management penetration among existing credit union members and “attract a greater share of wallet” the company says.

“The demonstrated expertise of an accredited Wealth Consultant can make a credit union member confident that when it comes time to look for services beyond mortgages and everyday banking, their trusted credit union is the place to stay,” says Kim Thompson, senior vice-president, advisory services with Credential.

– Steven Lamb

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Shareholders approve Sceptre, Fiera deal

Shareholders of Sceptre Investment Counsel have overwhelmingly endorsed the proposed combination of the firm with Fiera Capital, as 99.8% of Sceptre common shareholders voting in favour of the deal.

The transaction will create Fiera Sceptre, an independent money manager with approximately $30 billion in assets under management.

“Two months ago we announced our intention to combine Sceptre and Fiera Capital’s businesses to create one of very few independent, multi-product Canadian investment firms offering clients proven depth and expertise in equity and fixed income management, asset allocation and alternative investments,” says W. Ross Walker, chair of the board of Sceptre.

“The board of directors had recommended that shareholders vote in favour of the arrangement and we are pleased to see that they recognized the intrinsic value of this transaction.”

The deal still requires final legal approval, and Sceptre will appear before the Ontario Superior Court of Justice (Commercial List) on Aug. 27, 2010 to seek that approval.

– Steven Lamb

(08/26/10) staff


The staff of have been covering news for financial advisors since 1998.