QTrade closes Meritas deal

QTrade Fund Management has finalized its merger agreement with socially responsible mutual fund company Meritas Financial. The combined firm will be part of the QTrade Financial Group, which has $4.5 billion in assets under administration and $365 million in assets under management.

“Qtrade will continue to provide managed portfolio and mutual fund solutions to retail investors, institutional clients, advisors and the customers of Qtrade's financial institution partners across Canada,” the company stated in a news release.

"Not only are we excited about the addition of Meritas' industry leading SRI investment solutions to our managed portfolio and mutual fund offering, but we are extremely pleased to have Gary Hawton, CEO of Meritas, the rest of the Meritas staff and the Meritas shareholders, who will become important Qtrade shareholders, join the Qtrade team,” said QTrade CEO Scott Gibner. “In one transaction we expanded our wealth management offering, added significant depth to our fund management team and gained tremendous new shareholder strength."

Under the terms of the friendly takeover, first announced in December of last year, Meritas will continue to operate as an independent entity. Meritas’ head office is located in Kitchener, Ontario while QTrade is based in Vancouver. However, QTrade will set up an office in Kitchener to serve its client base in eastern Canada.