Canada Life Assurance Company has significantly strengthened its wealth management portfolio by acquiring Investment Planning Counsel Inc. (IPC) from IGM Financial (OTC:IGIFF) Inc. for CAD$575 million. The transaction, which was initially announced on April 3, 2023, enhances Canada Life's assets under administration to over $97 billion and broadens its advisory network to more than 16,000 relationships.
The acquisition of IPC, a prominent independent wealth management firm, adds over 650 entrepreneurial advisors to Canada Life's network, underpinning the company's strategy to attract top-tier financial advisors in Canada. Jeff Macoun, representing Canada Life, highlighted the company's commitment to expanding its wealth services and attracting entrepreneurial advisors.
IGM Financial's CEO, James O'Sullivan, noted that the divestiture of IPC allows the firm to intensify its focus on its core businesses, IG Wealth Management and Mackenzie Investments. This strategic move is in line with IGM's objective of effectively managing its substantial asset base, which stands at approximately $224 billion as of the end of October. The sale of IPC also supports IGM Financial's financial strategy by improving its leverage ratio and funding its equity interest in Rockefeller Capital Management, which was acquired earlier in the year.
Both Blaine Shewchuk and Chris Reynolds, leaders within IPC, have been recognized for their pivotal roles in the growth and success of the firm under IGM Financial's umbrella.
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