“This major investment marks a new step in WeCook Meals‘ development plan. We have experienced strong growth over the past few years, and this capital injection combined with Claridge Food Group’s industrial expertise will allow us to strengthen our position as the leading ready-to-eat delivery company in Quebec and Ontario and accelerate our growth across Canada. We want to be clearly recognized as the benchmark ready-to-eat meal brand for all Canadians,” says Étienne Plourde, founder and CEO of WeCook Meals.
The Canadian food delivery market combined with online commerce is growing at an accelerated pace and was estimated to be worth over $5 billion in 2021. WeCook Meals stands out for its unique offering of fresh, ready-to-eat meals that meet the needs of the growing number of people who want to eat well but don’t have time to cook. The company aims to accelerate its annual sales growth (exceeding four million meals in 2021), relying primarily on its extensive food processing expertise, quality meals, menu customization and digital marketing excellence.
“We want to raise awareness of our unique offering to increase our customer base and gross revenue. Our nimble business model allows us to manage the impact of inflation on food prices, as well as adapt the choice of ingredients offered in our weekly menu. This investment will allow us to accelerate the prepared and ready-to-eat meal revolution by offering consumers a wider selection of healthy, tasty, and convenient meals at affordable prices,” added Plourde.
“In just a few years, WeCook Meals has become the leading ready-to-eat company in Canada, thanks to the support of financial partners such as Desjardins Capital and Investissement Québec. The new investment we are announcing demonstrates the deep confidence of all our partners in WeCook Meals’ vision and business plan. We will work with WeCook Meals’ management to provide them with the financial capabilities and management expertise of growing food processing companies, adding value at every stage of their development,” said Pierre Boivin, President and CEO of Claridge.
“The agri-food industry is a flagship sector of our economy and one of Investissement Québec’s priority industries to ensure sustainable economic development throughout Quebec. We’re proud to participate in this round of financing to help a young company like WeCook Meals realize its growth plans and to continue the unifying role we are committed to playing in the financial ecosystem, particularly in facilitating access to development capital,” says Guy LeBlanc, President and CEO of Investissement Québec.
“Our $10 million investment in the new financial vehicle of Claridge Food Group allows us to combine Desjardins Capital’s credibility, experience and agility with the leading-edge expertise in the food processing sector that this partner offers,” says Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital. “As demonstrated by this joint investment in WeCook Meals, our partnership will help agri-food companies undertake their growth projects and overcome the challenges of inflation and supply, while remaining relevant to changing consumer habits. We’re all the more proud to offer additional leverage to this company that we’ve been supporting since 2019, always in keeping with the founders’ vision.”
Raymond Chabot Grant Thornton and Desjardins Capital Markets acted as financial advisors to WeCook Meals.
Claridge Food Group is an investment vehicle created by Claridge Inc. with the participation of Investissement Québec, the Fonds de solidarité FTQ, and Desjardins Capital. Its mission is to support Quebec food processing companies with significant growth potential by providing them with financial resources, managerial and operational support, knowledge of global trends, and a large network of partners to support and accelerate their growth in Quebec, Canada and North America.
About WeCook Meals
WeCook Meals was founded in 2013 by two young entrepreneurs who wanted to spend less time in the kitchen, without compromising on a high-quality, nutritious diet. Meals are curated by an in-house chef, using only freshest ingredients sourced from local suppliers in a zero-waste facility. Demand for WeCook Meals’ read-made meals have increased 300% and the Montreal-based company has successfully created 600 new jobs. The Montreal-based company currently has two production facilities delivering more than 4 million meals a year throughout Ontario and Quebec. For HD images.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Quebec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, it also prospects for talent and foreign investment and assists Quebec businesses with export activities.
About Desjardins Capital
Over 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$3.0 billion as of December 31, 2021, Desjardins Capital helps contribute to the longevity of more than 670 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create many thousands of jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website.
Claridge is a Montreal-based family office that represents the interests of the Stephen Bronfman family, with a focus on maximizing long-term capital appreciation. Claridge is actively engaged in managing a diversified portfolio of investments in private companies as well as interests in third-party managed funds in a variety of industries across the globe. As a strategic financial investor, our direct equity participations span a range of industry sectors, including holdings in food, technology, entertainment, renewable energy, and real estate. Claridge focuses its investments in small and medium-sized businesses and contributes its expertise in partnership with management to accelerate growth.
SOURCE Claridge Food Group
For further information: WeCook Meals, Christina Krcevinac, Senior Marketing Manager, Tel: 1 514 562-4904, [email protected]; Claridge, Manager of Claridge Food Group, Daniel Granger, Tel: 1 514 232 1556, [email protected]; Investissement Québec, Catherine Salvail, Advisor, Medias and Governmental Affairs, Tel: 1 514 876-9600, [email protected]; Desjardins Capital, Marc-Antoine Lavoie, Senior Advisor, Public Relations, Tel: 1 418 563-8853, [email protected]
Credit Suisse Nabs Truist's Wolfgram for Tech Investment Banking – BNN
(Bloomberg) — Credit Suisse Group AG hired Rick Wolfgram as a managing director within its technology investment-banking group.
Wolfgram, who’s based in San Francisco, will report to Brian Gudofsky, the Swiss lender’s global head of technology investment banking, according to a memo to staff seen by Bloomberg News. A spokesman confirmed the memo’s contents, declining to comment further.
Wolfgram was most recently a managing director at Truist Financial Corp., where he led internet and digital media investment banking. He’s worked on transactions including initial public offerings for Coursera Inc., DoubleVerify Holdings Inc., NerdWallet Inc., Udemy Inc. and Snap Inc., as well as a high-yield offering for Cars.com Inc., Gudofsky said in his memo. Wolfgram joined Truist in 2012 after working at ThinkEquity.
Earlier this month, David Miller, Credit Suisse’s global head of investment banking and capital markets, said the Zurich-based firm plans to hire roughly 40 managing directors as part of its broader effort to rebuild.
©2022 Bloomberg L.P.
As Markets Tumble, Financial Advisors Rethink Growth Prospects, Finds Natixis Investment Managers 2022 Survey of Financial Professionals
- Canadian financial advisors look for double-digit growth in their business, primarily driven by new assets from new clients.
- Vast majority of client assets are now in model portfolios as focus of wealth management business transitions from portfolio management to holistic financial planning.
- Advisors see generational wealth transfer as crucial to business success, but only one-third prioritize next-generation heirs as new business targets.
BOSTON–(BUSINESS WIRE)–Financial advisors are looking to increase client assets under management (AUM) by 5% (median) this year, and with little of that likely to come from market performance, they are counting primarily on new assets from new clients to grow their business, according to findings from Natixis Investment Managers (IM) 2022 Survey of Financial Professionals, published today.
Natixis IM surveyed 150 financial advisors across Canada, as part of a larger global survey of 2,700 financial professionals. The Canadian findings presented here provide insight about advisors’ growth strategies, the challenges they face, and how they are adapting their business to changes in the market.
Over the next three years, financial advisors are targeting a median annualized growth rate in AUM of 15% and 10 new clients per year. While the long bull market helped turbo charge asset growth over the past ten years, advisors aren’t counting on double-digit returns over the long term. Rather, the survey suggests that advisors are looking to catch a tailwind from the vast amount of money in motion, including rollover retirement assets and the transfer of significant generational wealth. Many may be hard-pressed to hit their targets unless they also adapt their business practices and assumptions.
The survey found:
- Client acquisition is the most difficult way for advisors to go about growing their business. When asked which business growth strategy is most challenging, they were two times more likely to say winning new assets from new clients (45%) than gaining more assets from existing clients (20%). Nearly one in three (29%) say retaining clients is most challenging.
- 65% of advisors say that establishing relationships with clients’ next-generation heirs is the most important factor for the growth of their business, yet 50% say it’s difficult to make progress at it since it takes so much time.
- 59% say that demonstrating their value beyond portfolio construction is one of the most important factors for their success, but 42% say it’s challenging because of the time needed to deliver a broader range of advice and services.
“Advisors have to expand their capacity to grow their business while meeting the needs of new and existing clients,” said David Giunta, President and Chief Executive Officer for the U.S. at Natixis Investment Managers. “Advisory relationships are no longer defined by transactions in an investment portfolio, but rather by a deeper understanding of clients’ financial needs and the services they feel add the most value for the money. Technology and product innovation are helping advisors deliver the consistent investment experience clients expect while supporting the transition of their business to a broader focus on financial planning.”
Modeling the business for new clients
One key way advisors are expanding their capacity on the planning side is by using model portfolios on the investing side. On average, 84% of client assets under management are in model portfolios, including 47% of assets in models that advisors build themselves, 29% in models built and managed by their firm, and 23% from third-party asset managers.
The survey found:
- 83% of financial advisors find that financial planning services are what clients whose assets are in model portfolios value most about the relationship, followed by tax management (60%), financial education and engagement with family members (51%), and trust and estate planning services (50%).
- Among the small percentage (16%) of advisors who don’t use model portfolios, half (54%) say that personally building clients’ investment portfolios is essential to their value proposition.
“The actively-managed, risk-adjusted performance features inherent in model portfolios make them particularly compelling in the current market environment,” said Marina Gross, Co-Head of Natixis Investment Managers Solutions. “Our portfolio consulting practice shows that core moderate-risk model portfolios consistently deliver higher risk-adjusted returns with less volatility than the broad market, enabling advisors to focus more time on long-term goals, than short-term performance.”
The survey found the most effective ways financial advisors are incorporating model portfolios into their practice are by:
- Transitioning assets on a case-by-case basis, depending on each client’s willingness (65%)
- Focusing on new assets from new clients (39%)
- Transitioning client assets in phases, eventually moving the entire client base into model portfolios over time (34%)
About one in three advisors (29%) have found it effective to focus their use of model portfolios on retirement drawdown clients, while one in four (25%) say it was best to take the plunge and move their entire book of business into model portfolios all at once. Few have found it particularly effective to reserve their use of model portfolios for clients who represent less revenue potential, including clients with lower balances (15%) and younger clients (12%).
Prospecting efforts come into focus
In their search for new clients, financial advisors are looking in all the usual places, with most (77%) considering the life stages of their prospects. Almost all advisors (98%) say that pre-retirees, or people between the ages of 50 and 60, are their top priority, while 64% focus on prospects who are at or just entering retirement. Seven in ten (70%) prioritize older accumulators, or people between the ages of 35 and 50 who are in their peak earning years and likely in need of comprehensive financial services to address multiple financial goals such as saving for retirement, funding education, and managing debt.
Given the market environment and generational transfer of wealth underway, advisors may be missing opportunities to reach the oldest and youngest group of potential clients.
- Only 33% of financial advisors are focused on post-retirees, many of who are drawing down versus accumulating assets but who still need robust financial planning and advice to protect, use and pass on their assets.
- 34% place a high priority on prospecting for clients between the ages of 18 and 35, members of Generations Y and Z, who represent the fastest-growing segments of Canada’s population1.
Beyond age segmentation, advisors are tailoring their business offering and business development strategies to appeal to specific high-valued groups. When asked which segments they are prioritizing for client acquisition and retention, the survey found that, again, advisors might be overlooking opportunities to meet the distinct needs of certain segments, namely women and the LGBT+ community. Moreover, relatively few are targeting next-generation heirs despite their importance to the success of their business.
The survey found:
- 83% of advisors are focused on professionals, such as lawyers, doctors, and corporate executives and nearly as many (75%) are targeting business owners
- 75% are focused on HENRYs (High Earners, Not Rich Yet)
- 35% prioritize next-generation heirs
- 29% are concentrating on the needs of women
- 4% are focused on the LGBTQ community
Natixis Investment Manager’s global report on the findings of its 2022 survey of Financial Advisors can be found here.
1 Statistics Canada, Census of Population, 2021, reported in A generational portrait of Canada’s aging population from the 2021 Census, released April 27, 2022.
Natixis Investment Managers surveyed 150 financial advisors across Canada, as part of a larger global survey of 2,700 financial professionals in 16 countries. Data were gathered in March and April 2022 by the research firm CoreData with additional analysis conducted by the Natixis Center for Investor Insights.
About the Natixis Center for Investor Insight
The Natixis Center for Investor Insight is a global research initiative focused on the critical issues shaping today’s investment landscape. The Center examines sentiment and behavior, market outlooks and trends, and risk perceptions of institutional investors, financial professionals and individuals around the world. Our goal is to fuel a more substantive discussion of issues with a 360° view of markets and insightful analysis of investment trends.
About Natixis Investment Managers
Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 20 active managers. Ranked among the world’s largest asset managers1 with more than $1.3 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.
Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Natixis Investment Managers’ affiliated investment management firms include AEW; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.
Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.
1 Cerulli Quantitative Update: Global Markets 2021 ranked Natixis Investment Managers as the 15th largest asset manager in the world based on assets under management as of December 31, 2020.entities measured as of March 31, 2022 are $1,320.6 billion (€1,187.6 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers. 3 A brand of DNCA Finance.2 Assets under management (“AUM”) of current affiliated
This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted.
The data shown represents the opinion of those surveyed, and may change based on market and other conditions. It should not be construed as investment advice.
All investing involves risk, including the risk of loss. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
Guardian Capital acquires majority of Ontario investment counselling firm – Investment Executive
The deal announced June 27 also expands the geographic footprint of Guardian’s private wealth segment, which currently has offices in Toronto, Calgary and Vancouver.
Once the deal closes, current Rae & Lipskie management will retain a 40% stake. “All employees are expected to stay,” the Guardian spokesperson said.
Chairman and CEO Ken Rae (who founded the firm as Kenneth Rae Investment Counsel Inc., in 1988) is selling his ownership stake to Guardian “but remaining in a leadership role for the foreseeable future,” the Guardian spokesperson said.
Rae began his career with Canada Permanent Trust in Toronto. In 1968, he moved to Waterloo and worked for Mutual Life and Dominion Life before founding Advantage Investment Counsel in 1985, which he sold.
President and chief operating officer Brian Lipskie (who began his career with Wood Gundy in 1985 before joining Ken Rae in 1989) will retain a “significant” ownership interest and continue to lead the business. A group of senior staff and portfolio managers will also acquire shares in the company.
Rae & Lipskie “is deeply embedded in the Kitchener/Waterloo community, so while the majority of their base is made up of private clients, it also includes foundation and endowments,” the spokesperson said.
Guardian is “always considering such opportunities, and as we learned of this opportunity regarding a business with the strong industry reputation of Rae & Lipskie, we reached out,” the spokesperson added.
“With leaders Brian Lipskie and Ken Rae interested in succession planning, they were highly amenable to the option to secure the future of their businesses by partnering with us.”
The transaction is expected to close in the third quarter.
With files from Melissa Shin
The pandemic may have forever altered the economy, Fed Chair Powell says – CNN
Real estate: 27 per cent of homeowners accessed credit, survey finds – CTV News
COVID-19 boosters recommended for the fall, Canada's vaccine advisory body says – CBC News
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Global Media Markets, 2015-2020, 2020-2025F, 2030F – TV and Radio Broadcasting, Film and Music, Information Services, Web Content, Search Portals And Social Media, Print Media, & Cable – GlobeNewswire
Sports20 hours ago
The Ultimate Guide to Playing Blackjack Online: Tips & Tricks
News18 hours ago
Economic Impact Of The Canadian Gaming Industry
Science21 hours ago
2022-06-28 | NYSE:LLAP | Press Release | Terran Orbital Corporation – Stockhouse
Investment20 hours ago
As Markets Tumble, Financial Advisors Rethink Growth Prospects, Finds Natixis Investment Managers 2022 Survey of Financial Professionals
Tech16 hours ago
Xiaomi 12S Ultra will have 1-inch Sony IMX989 camera sensor – GSMArena.com news – GSMArena.com
News22 hours ago
Halifax woman fights renoviction amid pressure tactics by landlord
Sports23 hours ago
Fans unhappy with Avalanche reporter for celebrating with Stanley Cup – Yahoo Canada Sports
Business12 hours ago
FCC asks Google, Apple to remove TikTok due to data privacy concerns at Chinese-owned company – CBC News