Thirty-seven of the acquired funds will be rebranded under the CI banner by July 31
Ninety-eight mutual funds and ETFs changed hands on June 1, as CI Global Asset Management (CI GAM) closed its acquisition of Invesco Ltd.'s Canadian fund business, according to a joint press release.
The deal, first announced in January, covers roughly $27bn in AUM and brings CI GAM's total AUM to approximately $175bn, the companies announced.
CI GAM is the Canadian asset management subsidiary of CI Financial Corp. and the eighth largest ETF provider in Canada.
Not all funds will change hands entirely.
Invesco affiliates will continue to manage portfolios for 61 of the acquired funds through a sub-advisory arrangement covering approximately $13bn in AUM, the companies said, ensuring continuity for securityholders in those funds.
Advisor.ca reported the sub-advisory arrangement covers 63 funds, a slight discrepancy from the 61 cited in the joint press release.
Securityholders of each applicable Invesco Canada fund had approved the change of manager at meetings held in April, ahead of close, according to the release.
CI GAM will rebrand 37 of the funds under the CI banner on or about July 31, with further details expected later this week, the companies said.
Kurt MacAlpine, CEO of CI Financial, said in the release the acquisition "demonstrates our deep commitment to investing in the development and growth of all aspects of our Canadian wealth and asset management operations."
Andrew Schlossberg, CEO of Invesco, said the firm looks forward to "potentially jointly developing investment solutions for the Canadian wealth market in the future" through its ongoing partnership with CI GAM.
The close coincided with CI's US subsidiary Corient completing its acquisition of European money managers Stonehage Fleming and Stanhope Capital Group, Advisor.ca reported.
The deal makes Corient the world's largest non-bank wealth manager and multi-family office.
Corient manages roughly US$508bn on behalf of ultra-high- and high-net-worth individuals, families, and businesses, and has announced plans to expand into Canada.
CI Financial was acquired by Abu Dhabi-based Mubadala Capital last August and has since operated independently of Mubadala Capital's other business lines.
