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IGM Financial enters U.S. wealth market with US$622M Rockefeller deal - BNN Bloomberg

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IGM Financial Inc. is entering the U.S. wealth management market by buying a large stake in Rockefeller Capital Management.

The wealth management firm, which oversees the management of $258 billion in assets, and is a subsidiary of the Power Corporation of Canada, purchased a 20.5 per cent stake in Rockefeller for approximately US$622 million,. This deal makes IGM the second largest shareholder in Rockefeller and increases its access to ultra-high-net-worth clients in the U.S.

He added that the move is a strategic opportunity that has the potential to drive meaningful earnings growth for IGM over time. The sale of IPC was a great move for IGM, one financial expert told BNN Bloomberg in an interview on Tuesday.

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