Industry veteran Philip Petursson has joined IG Wealth Management in a new role designed to support the firm’s advisor network and wealthy clients.
Petursson — who was most recently chief investment strategist and head of capital markets research with Manulife Investment Manulife — is chief investment strategist at IG Wealth, effective Sept. 20. He reports to president and CEO Damon Murchison and will be IG’s chief spokesperson on market trends and investment-related topics.
“Today’s market landscape is complex and difficult to stay on top of, with the pandemic only amplifying this challenge,” Murchison wrote in an emailed statement to Investment Executive. “As the largest independent wealth management firm in Canada, it’s important that both our clients and Canadians hear our views on the economy and capital markets to help them navigate evolving market conditions that directly impact their investment portfolios.”
Murchison noted that part of Petursson’s new role will be working directly alongside advisors by offering timely insights and “strategic counsel.”
Petursson spent 18 years with Manulife, and from 1999 to 2003, he worked for John Hancock Retirement Plan Services.
In the medium term, Murchison said Petursson will support IG Wealth in achieving two goals: championing a holistic approach to financial planning and building its mass-affluent and high-net-worth client segments. “IG had our most successful year in 2020 and this momentum has carried into 2021,” Murchison said.
The past year has been one of change for IG Wealth. In September 2020, Murchison took over for Jeff Carney, who stepped down from the role of president and chief executive of IGM Financial and IG Wealth Management due to health reasons. Carney’s role was split between James O’Sullivan, who moved over from Scotiabank, and Murchison.
In IE‘s 2021 Dealers’ Report Card, released in June of this year, IG Wealth had a standout performance among its peers: advisor satisfaction rose when it came to the firm’s support overall, and ratings improved for many of the firm’s tools and programs, including its mobile technology tools.
IG Wealth Management had more than $116 billion in assets under advisement (AUA) as of Aug. 31, while parent company IGM Financial Inc. had approximately $271 billion in total assets under management and AUA as of the same date.