CI Global Asset Management (CI GAM) and Invesco announced they have agreed to a transaction that will transfer management of Invesco’s Canadian investment fund lineup to CI GAM while keeping Invesco involved in portfolio management for a large portion of the platform.
Under the agreement, CI GAM will acquire the management agreements related to Invesco’s Canadian fund business, which the companies said has approximately C$26 billion in total assets under management. CI GAM, the Canadian asset management subsidiary of CI Financial Corp., is expected to become the manager of 100 mutual funds and exchange-traded funds currently offered by Invesco Canada Ltd.
In parallel, the firms said they will form a long-term strategic partnership designed to maintain investment continuity for select funds. Invesco affiliates are expected to continue providing portfolio management services to 63 funds via a sub-advisory arrangement representing about C$13 billion in assets, according to the announcement. The companies said the structure is intended to give securityholders a consistent investment experience while leveraging CI GAM’s operating scale and distribution reach.
CI GAM said the acquisition would lift its assets under management to approximately C$170 billion, expanding its product set with additional strategies across traditional asset classes and alternatives, including a broader ETF lineup spanning passive, factor-based, and actively managed mandates.
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals. Securityholders of each applicable Invesco Canada fund will be asked to approve a change of manager, and any fund that does not receive the required approval will be excluded from the transaction, the companies said.
Support: Morgan Stanley and Borden Ladner Gervais LLP are advising Invesco, while Jefferies Securities Inc. and Stikeman Elliott LLP are advising CI GAM.
KEY QUOTES:
“This acquisition will cement our ranking as one of the largest investment fund companies in Canada and position the firm for continued growth. It also reflects CI Financial’s continued commitment to investing in our Canadian businesses and highlights how operating as a private company allows us to unlock new opportunities to create meaningful long-term value for CI and our clients.”
Kurt MacAlpine, Chief Executive Officer, CI Financial
“We are excited to partner with CI GAM to continue serving Canadian investors while accessing the vast wealth distribution footprint and scaled operating platform of one of Canada’s leading investment managers. This represents a significant growth opportunity in a key asset management market, and we remain committed to supporting Canadian clients through our wide range of global investment strategies.”
Andrew Schlossberg, Chief Executive Officer, Invesco Ltd.
“The addition of the Invesco Canada funds will extend and enhance our product lineup, adding significant new strategies and capabilities. Invesco Canada offers a robust lineup of high-quality mutual funds and ETFs, spanning traditional asset classes and alternatives and including a variety of innovative strategies. Their ETF business, with its broad selection of passive, factor-based and actively managed mandates, brings unique solutions to the Canadian marketplace.”
“Furthermore, our strategic partnership with Invesco will ensure an ongoing relationship with one of the world’s largest asset managers and provide continuity for select funds which will continue to offer the expertise of Invesco’s global investment team.”
“This transaction builds on our success over the past six years in modernizing the CI GAM business into the scalable, integrated institutional-grade investment platform it is today. As our firm grows, CI GAM will have greater resources to offer advisors and their clients, delivering continued excellence in portfolio management, a comprehensive selection of high-quality investment solutions, and a high level of service.”
Marc-André Lewis, President and Chief Investment Officer, CI Global Asset Management
