CI GAM completes acquisition of Invesco’s Canadian fund business 

CI Global Asset Management (CI GAM) has completed its acquisition of Atlanta-based Invesco Ltd.’s Canadian fund business, the two asset managers announced on Monday.

As part of the deal, first announced in January, Toronto-headquartered CI GAM has taken over as manager of 98 mutual funds and ETFs previously offered by Invesco Canada Ltd. Those funds have roughly $27 billion in assets under management (AUM).

Due to the change in portfolio management, CI GAM will rebrand 37 funds under the CI banner, effective on or around July 31. More details are expected to be disclosed later this week.

And, through a sub-advisory agreement between the two asset managers, Invesco affiliates will continue to manage the portfolios of 63 funds with a total AUM of $13 billion.

The deal brings CI GAM’s total AUM to about $175 billion. CI GAM is the Canadian asset management subsidiary of CI Financial Corp. (CI) and the eighth largest ETF provider in the country.

“This transaction strengthens our position as a leader in the Canadian investment fund industry, significantly adding to our assets under management and broadening our capabilities,” said Kurt MacAlpine, CEO of CI, in a release.

“We have enhanced our fund lineup with an extensive range of new strategies, including a robust ETF franchise — creating one of the industry’s most comprehensive and diverse product offerings.”

Invesco CEO Andrew Schlossberg said the firm “remains committed to serving Canadian investors with our wide range of global investment strategies.”

Schlossberg added that the firm looks forward to “potentially jointly developing investment solutions for the Canadian wealth market in the future” through its strategic partnership with CI GAM.

In a statement, an Invesco spokesperson said the firm “will be reducing its Canadian operating footprint to ensure alignment with the future structure of our business.” The spokesperson noted that the firm would maintain its Charlottetown presence but didn’t answer questions about its other offices in the country. Prior to the partnership, Invesco also had offices in Toronto, Montreal and Vancouver, but those locations are no longer listed on its website.

Also on Monday, CI’s U.S. subsidiary Corient announced that it completed the acquisition of European money managers Stonehage Fleming and Stanhope Capital Group, making it the world’s largest non-bank wealth manager and multi-family office. Corient manages roughly US$508 billion on behalf of ultra-high- and high-net-worth individuals, families and businesses, and recently announced plans to expand into Canada.

CI itself was acquired by Abu Dhabi-based Mubadala Capital last August. Since then, it has continued to operate independently of Mubadala Capital’s other business lines.

This article has been updated.