Speaking to analysts at IGM Financial’s investor conference Tuesday, Michael Katchen, CEO of the Desmarais family-backed fintech, said he expects the company to have $100 billion in assets under management in five years by appealing to a greater share of young investors disinterested in traditional money managers. (Bloomberg)

Talking point: Katchen said Wealthsimple’s assets have already risen tenfold to $25 billion since 2018 and it’s adding $1 billion of net deposits a month. Wealthsimple spokesperson Juanita Leon told The Logic that over 100,000 clients have opened First Home Savings Accounts (FHSA) with the company since it made the account available a few months ago, accounting for at least 30 per cent of the total opened in Canada to date. According to figures released Tuesday, more than 300,000 Canadians have opened an FHSA since the federal government launched the program in April.