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Earnings increase for IGM in Q4 | Advisor s Edge

Staff IGM Financial Inc. reported net earnings of $229.1 million in the fourth quarter (ended Dec. 31, 2020), up from $191.6 million a year earlier. Assets under advisement reached a record $103.3 billion for IG Wealth Management at the end of Q4, up 5.9% from Q3 and 6.4% year over year. Net client inflows hit $485 million, compared to an outflow of $109 million in Q4 2019. Mackenzie Investments reported a record $186.8 billion in assets under management (AUM) at the end of Q4, up from $141.8 billion a year earlier. Mackenzie’s acquisitions of GLC Asset Management Group Ltd. and Greenchip Financial Corp in Q4 contributed to the growth in AUM.

GWL earnings surge in Q4 | Advisor s Edge

Staff Winnipeg-based Great-West Lifeco Inc.’s (GWL) earnings surged in the fourth quarter, the company announced on Wednesday. GWL reported net earnings attributable to common shareholders of $912 million in Q4, up from $513 million a year ago and $826 million the previous quarter. On Dec. 31, GWL subsidiary Great-West Life & Annuity, through its Empower Retirement business, closed its US$2.3-billion acquisition of Massachusetts Mutual Life Insurance Company (MassMutual), making Empower Retirement the second-largest retirement services provider in the U.S. based on assets under administration. GWL’s assets under administration were $2 trillion at the end of Q4, up 21% from a year ago thanks in large part to the MassMutual acquisition.

Canada Life launches fund management company | Investment Executive

IE Staff Canada Life Assurance Co. has launched its new fund management subsidiary, Canada Life Investment Management Ltd. (CLIML), the Winnipeg-based firm said in a release on Friday. CLIML will be responsible for investment management and primary portfolio manager functions for the Canada Life Mutual Funds and Canada Life Pathways Funds, the release said. (Excepted are certain fund series that share a corporate class or trust series structure with Mackenzie Investments–branded funds. Management of these funds will be transferred to CLIML at a later date, the release said.) Canada Life will control CLIML’s product shelf and pricing, and introduce investment strategies and solutions through the management company, using third-party fund managers worldwide.

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