On December 1, mutual fund dealer MGI Financial Inc. officially became Desjardins Financial Security Investments Inc., a subsidiary of Desjardins Financial Security Life Assurance Company (DFS).

This name change represents the last step in the purchase transaction that started last year between Jovian Capital Corp. (TSX: JOV) and DFS, a subsidiary of Quebec City-based financial co-operative Desjardins Group. That deal closed in October 2011.

“This acquisition is allowing us to pursue at a faster pace the expansion of our distribution network across Canada,” said Stéphane Dulude, executive vice president at Desjardins Financial Security Investments Inc.

“We strongly believe that our clients and advisors will benefit from the support of a strong banner as we aim to continue to grow across the country.”

DFS specializes in providing life and health insurance and retirement savings products to individuals and groups.