Canada Life has acquired Winnipeg-based Value Partners Group Inc., adding portfolio management capabilities to its wealth platform.
With portfolio managers who can make discretionary decisions, Value Partners Investment Counsel brings a new capability to Canada Life, said Fabrice Morin, executive vice-president of individual wealth and insurance solutions with Canada Life. The terms of the deal — which also includes Value Partners Investments, LP Financial Planning Services, and LP Insurance and Estate Planning Services — were not disclosed.
In April, Canada Life announced the $575-million acquisition of Investment Planning Counsel from fellow Power Corp. subsidiary IGM Financial.
“Investment Planning Counsel really brought us to the [investment dealer] space, and then Value Partners brings, in addition to that, the investment counsellors that are available as another option for advisors,” Morin said, adding that Canada Life was already able to offer mutual funds through Quadrus Investment Services Ltd.
Canada Life now has 10 private investment counsellors between Value Partners and Investment Planning Counsel, the firm said.
Value Partners has about $3 billion of assets under management (as of Dec. 31), Morin said.
The deal gives Value Partners, which offers investment pools, distribution access to 4,000 advisors with whom Canada Life already has relationships, said Hugh Moncrieff, executive vice-president of advisory network and industry affairs with Canada Life.
Value Partners says it has some of the lowest fees when compared to its competitors. Canada Life does not plan to increase those fees, Morin said.
Value Partners will continue to operate independently from Canada Life, and Gregg Filmon will stay on in his current role as president. Value Partners has 82 employees, Canada Life said.
“As we continue to invest in growth and technology, we will converge the capabilities over time,” Morin said. “We want to do this when it’s right for the advisors and the clients.”
The deal is expected to close by the end of 2023, a release said.