Business
Great-West Lifeco announces proposed sale of GLC Asset Management Group Ltd. to Mackenzie Financial Corporation
Great-West Lifeco announces proposed sale of GLC Asset Management Group Ltd. to Mackenzie ...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces proposed sale of GLC Asset Management Group Ltd. to Mackenzie Financial Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, MB, Aug. 4, 2020\n\n\n\nCompany to increase focus on wealth management business in Canada\nAll figures are expressed in Canadian dollars.\nTSX: GWO\n WINNIPEG, MB, Aug. 4, 2020 /CNW/ - Great-West Lifeco Inc. (Lifeco) today announced that an agreement has been reached to sell its Canadian subsidiary, GLC Asset Management Group Ltd. (GLC), to Mackenzie Financial Corporation (Mackenzie). This transaction is expected to close in the fourth quarter of 2020 and is subject to regulatory approval. \n\"This transaction supports Canada Life's strategic objectives of strengthening and growing its Canadian wealth management business. It leverages an already established and strong working relationship between our companies. By working together, we will have access to Mackenzie's at scale investment management capability, while retaining control of our overall Canadian wealth management strategy, including our product shelf and solutions for our customers,\" said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. \"This access to industry-leading investment management capabilities will support strong distribution channels in both our Individual and Group businesses and benefit our customers.\"\nThe Canada Life Assurance Company (Canada Life) is also in the process of establishing its own fund management company, Canada Life Investment Management Limited (CLIML), and, subject to first obtaining all necessary registrations and other regulatory approvals, is expected to commence operations in the fourth quarter of 2020. Subject to meeting applicable regulatory and fund securityholder requirements, CLIML will assume fund management responsibilities for the Quadrus Group of Funds and other Canada Life branded investment funds in 2021. \nCLIML will enter into a long-term administration agreement with Mackenzie and Canada Life, and CLIML...