IGM Financial Profile
IGM Financial Inc. operates as a wealth and asset management company.
The company supports financial advisors and the clients they serve in Canada and institutional investors throughout North America, Europe, and Asia.
Through its operating companies, the company provides a range of financial planning and investment management services to help Canadians meet their financial goals.
Segments
The company operates through Wealth Management, Asset Management, and Strategic Investments and Other segments.
Wealth Management
This segment reflects the activities of operating companies that are principally focused on providing financial planning and related services to Canadian households. This segment includes the activities of IG Wealth Management and Investment Planning Counsel Inc. These firms are retail distribution organizations who serve Canadian households through their securities dealers, mutual fund dealers, and other subsidiaries licensed to distribute financial products and services. A majority of the revenues of this segment are derived from providing financial advice and distributing financial products and services to Canadian households. This segment also includes the investment management activities of these organizations, including mutual fund management and discretionary portfolio management services.
Asset Management
This segment reflects the activities of operating companies primarily focused on providing investment management services and represents the operations of Mackenzie Investments. Investment management services are provided to a suite of investment funds that are distributed through third party dealers and financial advisors, and through institutional advisory mandates to financial institutions, pensions, and other institutional investors.
Strategic Investments and Other
This segment primarily represents the key strategic investments made by the company, including China Asset Management Co., Ltd. (China AMC), Great-West Lifeco Inc. (Lifeco), Northleaf Capital Group Ltd. (Northleaf), Wealthsimple Financial Corp. (Wealthsimple), and Portag3 Ventures LPs.
Subsidiaries
The company’s wholly owned principal subsidiaries are Investors Group Inc. and Mackenzie Financial Corporation (Mackenzie). The company also operates through Investment Planning Counsel Inc. and has strategic investments in Lifeco, China AMC, Northleaf, and Wealthsimple.
Acquisitions
On December 31, 2020, the company’s subsidiary, Mackenzie, acquired all of the common shares of GLC Asset Management Group Ltd., a wholly-owned subsidiary of Lifeco.
On October 28, 2020, the company’s subsidiary, Mackenzie, together with Lifeco, acquired a non-controlling interest in Northleaf through an acquisition vehicle 80% owned by Mackenzie and 20% owned by Lifeco.
On December 22, 2020, Mackenzie acquired 100% of Greenchip Financial Corporation (Greenchip), a Canadian firm focuses on the environmental economy since 2007.
Dispositions
In the third quarter (year ended December 31, 2020), the company sold its equity interest in Personal Capital Corporation to a subsidiary of Lifeco, Empower Retirement.
History
IGM Financial Inc. was founded in 1978. The company was incorporated in 1978.
