Mackenzie Financial, part of IGM Financial, has completed the acquisition of Great-West Lifeco (Lifeco) unit GLC Asset Management Group.
The deal brings C$30.1bn ($23.5bn) in AUM to Mackenzie, boosting the firm’s total AUM to C$186.8bn.
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The deal is said to be mutually beneficial, enabling Mackenzie to increases its scale as a Canadian asset manager.
On the other hand, it allows Lifeco to increase focus on wealth management in Canada.
Through the deal, Mackenzie becomes as one of the top three Canadian providers of investment solutions to defined contribution plans and other group retirement offerings, noted IGM.
The deal also brings to Mackenzie a new Canadian Equity boutique as well as new talent.
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By GlobalDataThe transaction also includes a distribution agreement with Lifeco subsidiary The Canada Life Assurance Company (Canada Life), to facilitate its strategic plan of growing its wealth operations.
As part of the deal, Canada Life’s newly launched fund management unit, Canada Life Investment Management (CLIML) acquired mutual fund contracts of C$13.4bn billion related to the newly-rebranded Canada Life Mutual Funds as well as other Canada Life branded investment products.
“Through CLIML, Canada Life will have access to Mackenzie’s at-scale investment management capability, while retaining control of its overall Canadian wealth management strategy, including its product shelf and solutions for its customers,” IGM said.
Set up in 1967, Mackenzie has operations in Canada, Boston, Dublin, London, Beijing and Hong Kong.
The firm offers investment solutions as well as related services to over one million retail and institutional clients.
Mackenzie recently agreed to acquire Canadian firm Greenchip Financial, an environmental investment manager.
The deal builds on Greenchip’s sub-advisory relationship with the Mackenzie Global Environmental Equity Fund, which oversees $315m in assets.
