IGM Financial

Power Corporation of Canada is the controlling shareholder of IGM Financial, holding approximately 61% of the voting rights. Power Corporation uses IGM as its primary vehicle for sponsoring, distributing, and manufacturing retail investment products in Canada. This ownership structure links IGM Financial to other Power Corp holdings including Great-West Lifeco and, indirectly, Putnam Investments, creating an integrated financial services ecosystem.

Mackenzie Investments, the manufacturing subsidiary of IGM, operates with its own investment leadership and portfolio management teams. While the firm does not publicly name a single centralized CIO with all-decision authority, each strategy is managed by named portfolio managers. Ultimate business oversight rests with IGM Financial CEO James O'Sullivan and the board, but day-to-day investment decisions are delegated to Mackenzie's specialized asset-class teams.

No. IGM Financial is a publicly traded asset management holding company listed on the Toronto Stock Exchange, not a family office. While the Desmarais family controls IGM through Power Corporation, the firm itself is a commercial enterprise managing third-party capital for retail and institutional clients. The Desmarais family's private investment activities are handled through separate family-office structures, not IGM.

IGM Financial separates product manufacturing from distribution across its two main subsidiaries. IG Wealth Management operates a network of approximately 3,000 financial advisors who distribute both proprietary IG funds and third-party products to retail clients. Mackenzie Investments produces its own mutual funds and ETFs but distributes them primarily through external dealers and institutions, giving IGM a multi-channel reach that covers both captive and open-architecture streams.

IGM acquired a 20.5% stake in Rockefeller Capital Management, the U.S.-based ultra-high-net-worth advisory and asset management firm, for approximately $622 million in April 2024. The transaction gives IGM a meaningful foothold in the American wealth management market and aligns with the firm's stated strategy of diversifying its distribution footprint beyond Canada. The deal follows similar strategic moves by Canadian financial groups seeking exposure to faster-growing U.S. wealth channels.

The controlling Desmarais family fortune originated from the consolidation of Canadian bus lines and evolved into Power Corporation, a diversified financial services holding company. The family used Power Corp as the vehicle to acquire and build out life insurance, asset management, and media properties throughout the 20th century. IGM Financial represents the retail mutual-fund leg of that conglomerate, built primarily through the legacy Investors Group platform.

IGM engages with external managers through multiple channels. IG Wealth Management offers clients access to third-party funds alongside proprietary IG products within its advisory platform. Mackenzie Investments, while primarily a proprietary manufacturer itself, can allocate to sub-advisors and alternative managers within its fund-of-fund and institutional mandate structures, though the firm does not typically operate as a pure allocator to external GPs.