The Canada Life Assurance Company is to acquire Investment Planning Counsel (IPC) an independent wealth management firm from IGM Financial.
The Canada Life Assurance Company is an international company providing insurance, wealth management, and healthcare benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life.
Canada Life also provides reinsurance products, though Canada Life Reinsurance, primarily in the U.S., Barbados, Bermuda and Ireland.
This acquisition, according to Canada Life, extends the company’s wealth management reach and capabilities, helping advisors to better meet the diverse and changing needs of more Canadians.
IPC has positioned itself as a leading wealth dealer and investment company operating both MFDA and IIROC platforms with 650 advisors.
Upon closing of the acquisition, Canada Life said it will be one of the largest non-bank wealth providers in Canada with over 4000 advisor relationships and more than $85bn in assets under administration.
Paul Mahon, president and chief executive officer, Great-West Lifeco and Canada Life, said, “We are building on our strong Canadian franchise with a growing personal wealth business. This acquisition accelerates Canada Life’s vision to establish a leadership position in the Canadian independent advisor wealth market. The addition of IPC, a business we’ve had keen interest in for some time, positions Canada Life for strong organic growth and further investments in market consolidation that support our strategy.”
James O’Sullivan, president and chief executive officer, IGM Financial, added, “I’m delighted that the IPC team will be moving over to Canada Life and continue to be part of the Power Corporation of Canada group of companies This transaction provides Canada Life with the opportunity to deepen their presence in the Canadian wealth market and assist IPC in achieving its full strategic potential. Canada Life will be a strong owner of this business.”
Last year, Canadian InsurTech Emma closed a $6m Series A funding round led by prominent Canadian investors Life Capital, Investissement Québec, and Tactico.
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