CI Global Asset Management (CI GAM) is acquiring Atlanta-based Invesco Ltd.’s Canadian fund business, which includes 100 mutual funds and ETFs with a total of $26 billion in assets under management (AUM), the asset managers announced on Tuesday.
In addition to Toronto-headquartered CI GAM taking over as manager of the funds, the asset managers are entering into a long-term strategic partnership that will see Invesco affiliates continue to manage the portfolios of 63 funds with a total AUM of $13 billion through a sub-advisory agreement.
The deal will increase CI GAM’s AUM to approximately $170 billion, a release said. CI GAM is the Canadian asset management subsidiary of CI Financial Corp. (CI), which manages more than $550 billion in AUM, as of August 2025. Terms of the deal were not made public.
“This acquisition will cement our ranking as one of the largest investment fund companies in Canada and position the firm for continued growth,” said Kurt MacAlpine, CEO of CI, in a release.
“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.”
CI made another attempt in the past to acquire Invesco’s Canadian assets. In 2005, it considered but later dropped its plans for a hostile bid for the fund manager when it went by AIM Funds Management Inc., under the parent company Amvescap plc.
Today, Invesco offers a range of investment products, including traditional asset classes with either active or passive strategies, and alternatives. It’s the fourth-largest ETF provider in the world and the 13th largest in Canada by market share.
CI GAM is currently the eighth largest ETF provider in Canada.
Invesco CEO Andrew Schlossberg said in the release that the partnership will allow Invesco to continue serving Canadian investors “while accessing the vast wealth distribution footprint and scaled operating platform of one of Canada’s leading investment managers.”
Asked what this means for Invesco’s future in Canada, a spokesperson for the company said, in an email to Advisor.ca, “Related to this partnership, Invesco will be reducing its Canadian operating footprint to ensure alignment with the future structure of our business.”
Meanwhile, Marc-André Lewis, CI GAM president and chief investment officer, said in the release that the addition of Invesco Canada funds will bring “significant new strategies and capabilities” to CI GAM’s product lineup, offering advisors and their clients access to greater resources.
“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,” Lewis said.
The transaction is expected to close in the second quarter of 2026, subject to closing conditions, including regulatory approvals.
As well, unitholders of Invesco’s Canadian funds will be asked to approve a change in manager for their respective fund. Any fund that doesn’t get the required level of investor approval will be excluded from the transaction, the release noted.
CI was acquired by Abu Dhabi-based Mubadala Capital last August, and since then has continued to operate independently of Mubadala Capital’s other business lines. In the U.S., CI’s subsidiary Corient has also been expanding. It announced its plans last September to acquire two European managers, making it the world’s largest non-bank wealth manager.
