Canada Life Expands Wealth Management with Acquisition of IPC for C$575 Million By Investing.com

The Canadian life insurance company has significantly strengthened its wealth management portfolio with the acquisition of Investment Planning Counsel Inc. (IPC) from IGM Financial Inc. For 575 million Canadian dollars. The transaction, initially announced on April 3, 2023, increases Canada Life’s assets under management to more than $97 billion and expands its advisor network to more than 16,000 relationships.

The acquisition of IPC, a leading independent wealth management firm, adds more than 650 business advisors to the Canada Life network, supporting the company’s strategy to attract top-tier financial advisors in Canada. Jeff Macon, Canada Life representative, highlighted the company’s commitment to expanding its wealth services and attracting entrepreneurial advisors.

James O’Sullivan, CEO of IGM Financial, said the divestment from IPC allows the company to intensify its focus on its core businesses, IG Wealth Management and Mackenzie Investments. This strategic move is in line with IGM’s goal of effectively managing its large asset base, which amounted to approximately US$224 billion at the end of October. The sale of IPC also supports IGM Financial’s financial strategy by improving its leverage ratio and financing its stake in Rockefeller Capital Management, which was acquired earlier this year.

IPC leaders Blaine Shewchuk and Chris Reynolds were honored for their instrumental roles in the growth and success of the company under the IGM Financial umbrella.

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