The Montreal-based asset management giant said the value of its interest in the Canadian fintech company increased 21 per cent in the second quarter, due in part to “Wealthsimple’s strong business performance.” The conglomerate owns a 54.2-per-cent stake in Wealthsimple, which it holds alongside IGM Financial and Toronto VC firm Portage Ventures. (The Logic)
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The Montreal-based asset management giant said the value of its interest in the Canadian fintech company increased 21 per cent in the second quarter, due in part to “Wealthsimple’s strong business performance.” The conglomerate owns a 54.2-per-cent stake in Wealthsimple, which it holds alongside IGM Financial and Toronto VC firm Portage Ventures. (The Logic)
Talking point: Power Corporation of Canada already upped its Wealthsimple valuation to $2.2 billion late last year, when it owned 55.1 per cent of the Toronto firm. The rising valuation marks a reversal from 2022, when Power Corp.—which is controlled by Montreal’s billionaire Desmairais family—wrote down its Wealthsimple stake following a stock market rout. The Montreal conglomerate on Friday posted a $772-million profit, up 5.8 per cent from a year earlier.
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