Business
Mackenzie Investments and Great-West Lifeco Close GLC Asset Management Group Transaction
Mackenzie Investments and Great-West Lifeco Close GLC Asset Management Group Transaction ...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Mackenzie Investments and Great-West Lifeco Close GLC Asset Management Group Transaction\n \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 Canada NewsWire\n \n \n \n \n \n Transaction increases\n \n Mackenzie's\n \n scale as a leading Canadian asset manager,\n \n \n while enabling Lifeco to increase focus on wealth management business in\n \n Canada\n \n \n \n \n All figures are expressed in Canadian dollars\n \n \n \n WINNIPEG, MB\n \n and\n \n TORONTO\n \n ,\n \n Jan. 8, 2021\n \n /CNW/ - IGM Financial Inc. (IGM) subsidiary Mackenzie Financial Corporation (Mackenzie Investments or\n \n Mackenzie\n \n ) and Great-West Lifeco Inc. (Lifeco) jointly announced that they have closed the previously announced sale of GLC Asset Management Group Ltd. (GLC) from Lifeco to\n \n Mackenzie\n \n .\n \n \n \n \n \n \n \n \n \n The transaction closed on\n \n December 31, 2020\n \n and increases\n \n Mackenzie's\n \n total assets under management (AUM) to\n \n $186.8 billion\n \n , further building on its position as one of\n \n Canada's\n \n largest asset managers. The acquisition adds\n \n $30.1 billion\n \n in AUM to\n \n Mackenzie\n \n , expands the firm's distribution reach to the fast-growing group retirement business and establishes\n \n Mackenzie\n \n as one of the top three providers in\n \n Canada\n \n of investment solutions to defined contribution plans and other group retirement offerings.\n \n \n Further,\n \n Mackenzie's\n \n investment capabilities have been expanded with the addition of a new Canadian Equity boutique and new talent. The deal also includes a distribution agreement with Lifeco's subsidiary, The Canada Life Assurance Company (Canada Life), positioning\n \n Mackenzie\n \n as a core investment advisor to its individual and group product offerings and enhancing Canada Life's capabilities and competitiveness.\n \n \n For Canada Life, this transaction supports the company's strategic objectives of strengthening and growing its wealth management business. In addition, as part of this transaction, Canada...