Insurance giant Canada Life has acquired Canadian investment firm Value Partners Group for an undisclosed sum.
This comes several months after Canada Life agreed to acquire wealth manager Investment Planning Counsel (IPC) from Canadian financial services group IGM Financial (IGM).
Value Partners has around C$89bn (£53bn, $67bn, €62bn) in assets under administration (AuA). Value Partners Group includes Value Partners Investment Counsel, Value Partners Investments and LP Financial Planning Services.
The firm will continue to operate independently with its existing management team and employees.
Jeff Macoun, president and chief operating officer at Canada Life, said: “This acquisition is another step in our efforts to build a leading wealth management platform for independent advisors and their clients in Canada.”
Gregg Filmon, president of Value Partners, added: “We started Value Partners to improve the lives of families across Canada by partnering with the best advisors and investing in the best businesses. Today, our clients have C$1.45bn more than they initially invested. Together with Canada Life’s world class insurance and investment products and exceptional advisors, we’re going to help far more Canadians build their wealth.”
The acquisition is expected to go through by the end of 2023.
In April, Canada Life’s parent group Great-West Lifeco unified its Ireland-based wealth businesses.
