In its fourth-quarter earnings report, the Montreal-based financial-services conglomerate valued its 56.6 per cent stake in Wealthsimple at $1.1 billion as of Dec. 31, 2023, up from $0.9 billion at the same date the previous year. The net value of its investments, including Wealthsimple and its Portage Ventures funds, increased $54 million in 2023, compared to a net decrease of $430 million the same period in 2022. (The Logic)
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In its fourth-quarter earnings report, the Montreal-based financial-services conglomerate valued its 56.6 per cent stake in Wealthsimple at $1.1 billion as of Dec. 31, 2023, up from $0.9 billion at the same date the previous year. The net value of its investments, including Wealthsimple and its Portage Ventures funds, increased $54 million in 2023, compared to a net decrease of $430 million the same period in 2022. (The Logic)
Talking point: Power Corp., the primary source of the Desmarais family fortune, has holdings in some of Canada’s highest-profile fintechs, including Koho, Clearco and Borrowell. The increase in valuation marks a partial recovery from 2022, when the company wrote down its fintech investments as Wealthsimple struggled with a tech downturn and crypto winter, but is still significantly down from March 31, 2021, when Power Corp. valued its stake in Wealthsimple at $2.1 billion. Power Corp.’s net earnings for the fourth quarter were $406 million, up from $89 million the same period last year.
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