Canada Life amalgamated two mutual fund dealers on Thursday, creating one national platform
Canada Life amalgamated mutual fund dealers IPC Investment Corporation and Quadrus Investment Services Ltd. into a single national dealer, IPC Wealth Inc., effective Thursday.
The combined firm carries more than 2,500 licensed advisors across Canada and more than $141bn in assets under administration as of August 31.
The Globe and Mail reported that IPC Wealth operates out of 1,300 offices and is headquartered in Mississauga, Ontario.
Through IPC Wealth and its affiliates, Canada Life said, Canadians will have access to securities, mutual funds, segregated funds, and protection products.
According to the company's announcement, Blaine Shewchuk, executive vice-president of wealth and advice at Canada Life, said the company believes in advice.
He said IPC Wealth is a platform for entrepreneurial advisors in Canada, with scale to invest and technology their clients expect.
Canada Life said the amalgamation maintains the entrepreneurial culture advisors value while providing a full-service platform, and that a stronger national platform gives it a better foundation to invest, attract and retain entrepreneurial advisors, and grow its wealth business.
The Canadian Investment Regulatory Organization approved the amalgamation of investment dealers IPC Securities Corporation and Canada Life Securities Ltd. effective July 1, with the surviving member known as IPC Securities Corporation, according to CIRO member bulletin 26-0147.
That investment dealer, which has 216 advisors, is also taking the IPC Wealth trade name but remains a separate entity from the amalgamated mutual fund dealers, the Globe and Mail reported, adding that Canada Life plans to merge the new mutual fund platform with its investment securities business by late 2027.
Shewchuk told Investment Executive that dual registration is planned for 2027, and that the integrated platform reflects what Canada Life has described as a "huge" investment in technology.
He also said a program will launch for Quadrus advisors to help them build their businesses.
"IPC was a company built by advisors for advisors," Shewchuk told the Globe and Mail.
Canada Life announced an agreement to acquire Investment Planning Counsel Inc. from IGM Financial Inc. for total cash consideration of $575m in April 2023, Wealth Professional reported at the time.
Both Canada Life and IGM Financial are members of the Power Corporation of Canada group of companies.
Quadrus disclosure documents published ahead of the amalgamation said registered accounts previously held under a Declaration of Trust with B2B Trustco move to a new Declaration of Trust with The Canada Trust Company as trustee and IPC Wealth Inc. as agent.
For RESP accounts held in client name holding mutual funds managed by Canada Life Investment Management Ltd., the promoter name changes from Quadrus to IPC Wealth.
In the Canada Life announcement, Shewchuk said advisors help families buy homes, save for education, build businesses and prepare for retirement.
He said advisors also help Canadians make financial decisions.
