Canada Life Assurance has completed the previously announced C$575m ($425.2m) acquisition of independent wealth management firm Investment Planning Counsel (IPC) from IGM Financial (IGM).
Based in Canada, Investment Planning Counsel operates in both mutual fund dealer and securities dealer platforms with 650 advisors.
Canada Life is a subsidiary of Great-West Lifeco and a member of the Power Corporation of Canada group of companies.
The company offers insurance, wealth management, and benefits to help Canadians enhance their financial, physical and mental well-being.
Through the acquisition of the wealth dealer and investment company and its spectrum of wealth management solutions including an IIROC dealer, Canada Life aims to extend its wealth management reach and capabilities.
Canada Life had also acquired investment firm Value Partners Group, a deal that closed in September 2023.
The two acquisitions bring Canada Life’s advisor relationships to more than 16,000. The firm also possesses C$97bn in Canadian independent wealth management assets under administration.
Canada Life Canada president and chief operating officer Jeff Macoun said: “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 organisations among the preeminent wealth providers in 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.”
The deal was announced in April this year. Simultaneously, IGM Financial acquired a 20.5% stake in American independent financial services advisory firm Rockefeller Capital Management in a deal worth about $622m.
IGM Financial president and CEO James Sullivan said: “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.”
