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CI Financial Acquires Invesco Canada for $2.9 Billion

  //business-finance.news-articles.net/content/202 .. ial-acquires-invesco-canada-for-2-9-billion.html
  Published in Business and Finance on Tuesday, January 13th 2026 at 17:24 GMT by The Globe and Mail

Toronto, Ontario - January 13th, 2026 - CI Financial Corp. is making a bold move to solidify its dominance in the Canadian investment landscape with the acquisition of Invesco Canada's retail mutual fund and ETF business for a substantial $2.9 billion. This deal, announced in early 2024 and finally closing late last year, marks a watershed moment for both companies and highlights a continuing trend of consolidation within Canada's fiercely competitive asset management sector.

The acquisition fundamentally reshapes CI Financial's position, propelling it to the forefront as Canada's leading ETF provider. The integration of Invesco Canada's retail fund business injects a significant $60 billion in assets under management (AUM) into CI's portfolio, pushing the company's total AUM past the $230 billion threshold. This increase in AUM represents a significant leap in CI's operational scale and demonstrates a compelling growth strategy.

Key Assets and Brand Recognition

What makes this acquisition particularly valuable is the inclusion of several recognizable and popular fund brands within the Invesco Canada portfolio. Investors will continue to see offerings like Invesco QQQ, a popular US equities tracker, Invesco Climate Action, appealing to the growing demand for ESG (Environmental, Social, and Governance) investments, and Invesco Canadian Equity, a core holding for many Canadian portfolios. The retention of these established brands allows CI to benefit from pre-existing investor loyalty and a strong market presence.

Kurt Macloed-Bentzen, CI's CEO, accurately described the transaction as "transformational." The acquisition isn't solely about AUM; it's about expanding CI's distribution network and capitalizing on the rapid growth of the Canadian ETF market. This growth has been fueled by increasing investor awareness, lower management fees compared to traditional mutual funds, and the flexibility offered by ETFs to quickly adapt to changing market conditions. Several analysts anticipated this type of move given the accelerating adoption of ETFs by Canadian retail investors, particularly among younger demographics.

Invesco's Strategic Shift

For Invesco, a global investment management powerhouse, the sale of its Canadian retail fund business represents a strategic realignment. The company is choosing to focus its resources and expertise on its institutional asset management division and other Canadian business opportunities. Pat Shea, Head of Invesco Canada, emphasized that the deal allows the company to prioritize its core business and explore new avenues for growth within the Canadian market, potentially looking at areas beyond retail fund management.

Financial Details and Market Context

The purchase price of $2.9 billion, representing an 11.7 multiple of Invesco Canada's past 12-month earnings, reflects the premium placed on a strong brand and a well-established distribution network in a consolidating market. This multiple is consistent with valuations seen in similar transactions within the Canadian financial services sector.

The broader context of this acquisition is the ongoing consolidation wave sweeping across the Canadian investment industry. Faced with increasing regulatory pressures, rising operational costs, and intense competition, asset managers are actively seeking economies of scale through mergers and acquisitions. This trend is expected to continue as smaller firms struggle to compete with the larger, better-resourced players.

Looking Ahead

The successful integration of Invesco Canada's retail fund business into CI Financial will be crucial in realizing the full benefits of this acquisition. CI will need to carefully manage the transition, ensuring minimal disruption for clients and retaining key talent from the acquired business. The long-term impact will be a significantly strengthened CI Financial, a more concentrated Canadian asset management landscape, and continued innovation and competition within the ETF space.