Canada’s CI Global Asset Management is buying US investment manager Invesco’s Canadian fund management portfolio with around C$26 billion (US$18.7 billion) of assets for an undisclosed sum.
The portfolio includes 100 Invesco mutual funds and exchange-traded funds, CI Global says in a statement on January 14. According to the firm, Invesco will continue to provide portfolio management services for 63 funds.
CI Global is the asset management unit of CI Financial Corp, a company owned by Abu Dhabi sovereign wealth fund Mudadala.
“The acquisition will cement our ranking as one of the largest investment fund companies in Canada and position the firm for continued growth,” says Kurt MacAlpine, chief executive officer of CI Financial.
The deal is subject to regulatory approvals and is expected to close in the second quarter.
