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The Montreal-based asset management giant said the value of its interest in Wealthsimple rose 15 per cent in the second quarter, citing the Canadian fintech’s “continued business momentum.” Power Corp. controls Wealthsimple through a 52.3 per cent ownership stake held directly and through Power subsidiaries and affiliates including IGM Financial, Great-West Lifeco and Toronto venture capital firm Portage Ventures. (The Logic)
Talking point: Last week, Toronto-based Wealthsimple reported approximately $17 billion in second quarter net inflows, lifting its assets under administration to $155.6 billion. As of June 30, Power Corp.—which is controlled by Montreal’s billionaire Desmarais family—and its group of companies had invested a total of $544 million in the company. Despite earnings growth at Great-West and IGM, Power’s second quarter net earnings fell to $690 million from $772 million a year earlier. On a call with analysts Friday, newly appointed Power Corp. CEO James O’Sullivan described active ownership as the company’s main engine of value creation.
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