Great-West Lifeco sells asset management unit to Mackenzie Financial

IGM Financial Inc. unit Mackenzie Financial Corp. has completed its acquisition of Great-West Lifeco Inc. subsidiary GLC Asset Management Group Ltd.

The transaction, which closed Dec. 31, 2020, increases Mackenzie's AUM by C$30.1 billion to a total of C$186.8 billion. Mackenzie's investment capabilities have also expanded with the addition of a new Canadian Equity boutique and new talent.

The deal includes a distribution agreement with Lifeco subsidiary The Canada Life Assurance Co., supporting its strategic objectives of growing its wealth management business.

As part of the transaction, Canada Life's newly established fund management subsidiary, Canada Life Investment Management Ltd., acquired mutual fund contracts of C$13.4 billion related to the newly rebranded Canada Life Mutual Funds and other Canada Life branded investment products.

Canada Life Assurance will have access to Mackenzie's investment management capability, through Canada Life Investment, while retaining control of its overall Canadian wealth management strategy, including its product shelf and solutions for its customers.