WINNIPEG, MB, Nov. 30,
2023 /CNW/ - The Canada Life Assurance Company
(Canada Life) and IGM Financial Inc. (IGM) (TSX: IGM) today jointly
announced that they have closed the previously announced sale of
Investment Planning Counsel Inc. (IPC), a leading independent
wealth management firm, from IGM to Canada Life for approximately
CAD$575 million.
"We are building on our strong Canadian franchise to become a
leading destination for entrepreneurial advisors and their clients.
The addition of both Investment Planning Counsel and Value Partners
makes our combined organizations among the preeminent wealth
providers in Canada," said Jeff
Macoun, President and Chief Operating Officer, Canada Life,
Canada. "Our belief in the value
of advice is deep, and with IPC's strong advisor relationships,
we're able to expand access to the trusted advice Canada Life has
long been known for."
IPC is a leading wealth dealer and investment company operating
in both mutual fund dealer and securities dealer platforms with 650
advisors. With both the IPC and Value Partners Investments now
closed, Canada Life has over 16,000 advisor relationships and more
than $97 billion1 in
Canadian independent wealth management assets under
administration.
"Canada Life will be a strong owner of IPC. I'd like to thank
IPC CEO Blaine Shewchuk, Executive Chair Chris Reynolds and the entire team for the
contributions they've made to IGM over the last twenty years," said
James O'Sullivan, President and CEO,
IGM Financial. "For IGM, closing the sale of IPC marks the
completion of the financing plan for our 'risk smart' acquisition
of a 20.5 per cent equity interest in Rockefeller Capital
Management earlier this year, and returns our leverage to below two
times debt/EBITDA. Further, it allows us to increase our focus
on and investment in IG Wealth Management and Mackenzie
Investments."
For additional details on this transaction, please refer to the
news release date April 3, 2023.
About The Canada Life Assurance
Company
Canada Life is a leading insurance, wealth management and
benefits provider focused on improving the financial, physical and
mental well-being of Canadians. For over 175 years,
individuals, families and business owners across Canada have trusted us to provide sound
guidance and deliver on the promises we've made. We proudly serve
more than 12 million customer relationships from coast to coast to
coast.
Canada Life is a subsidiary of Great-West Lifeco Inc. and a
member of the Power Corporation of Canada group of companies.
About IGM Financial Inc.
IGM Financial Inc. is one of Canada's leading diversified wealth and asset
management companies with approximately $224
billion in total assets under management and advisement at
October 31, 2023. The company
provides a broad range of financial planning and investment
management services to help more than two million Canadians meet
their financial goals. Its activities are carried out principally
through IG Wealth Management and Mackenzie Investments. IGM
Financial is a member of the Power Corporation group of
companies.
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1
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Based on AUM in
the case of Segregated Funds and otherwise AUA. AUM (assets under
management) and AUA (assets under administration) are non-GAAP
financial measures. Additional information regarding these measures
is incorporated by reference and can be found in the "Non-GAAP
Financial Measures and Ratios" section of Canada Life's Q3 2023
MD&A, which is available on SEDAR+ at
www.sedarplus.com.
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SOURCE The Canada Life Assurance Company