Deal brings CI GAM AUM up to $170 billion
CI Global Asset Management (GAM) announced on Tuesday that it has agreed to purchase Invesco's Canadian fund business.
According to a press release announcing the deal, Invesco's Canadian funds represent roughly $26 billion CAD in assets under management across 100 mutual funds and ETFs. The deal will bring CI GAM's AUM to roughly $170 billion CAD.
“This acquisition will cement our ranking as one of the largest investment fund companies in Canada and position the firm for continued growth,” said Kurt MacAlpine, CI Chief Executive Officer. “It also reflects CI Financial’s continued commitment to investing in our Canadian businesses and highlights how operating as a private company allows us to unlock new opportunities to create meaningful long-term value for CI and our clients.”
In addition to the acquisition, CI GAM will enter into a long-term partnership which will allow Invesco affiliates to provide portfolio management services to 63 funds as a sub-advisor, this would represent roughly $13 billion of the acquired assets.
“We are excited to partner with CI GAM to continue serving Canadian investors while accessing the vast wealth distribution footprint and scaled operating platform of one of Canada’s leading investment managers,” said Andrew Schlossberg, Chief Executive Officer of Invesco Ltd. “This represents a significant growth opportunity in a key asset management market, and we remain committed to supporting Canadian clients through our wide range of global investment strategies.”
The transaction is expected to close in Q2 subject to regulatory approvals and closing conditions. Securityholders of applicable Invesco Canada funds will be asked to approve the change of manager.
