CI Global Asset Management has entered into a deal to acquire the management agreements for Invesco’s Canadian fund business, which covers approximately $26 billion in assets under management.
Under the agreement, CI GAM, the Canadian asset management subsidiary of CI Financial Corp., will become the manager of 100 mutual funds and exchange-traded funds currently offered by Invesco Canada Ltd. Invesco affiliates will continue to oversee portfolio management for 63 of those funds, representing about $13 billion in assets, through a long-term sub-advisory arrangement with CI GAM. The structure is intended to maintain continuity for investors while shifting management and distribution to CI’s platform.
Following the completion of the transaction, CI GAM’s assets under management are expected to increase to approximately $170 billion.
As part of the deal, securityholders of each applicable Invesco Canada investment fund will be asked to approve the change of manager. Any fund that does not secure the required investor approval will be excluded from the transaction.
"This acquisition will cement our ranking as one of the largest investment fund companies in Canada and position the firm for continued growth," CI CEO Kurt MacAlpine said in a press 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.”
“We are excited to partner with CI GAM to continue serving Canadian investors while accessing the vast wealth distribution footprint and scaled operating platform of one of Canada's leading investment managers,” said Invesco CEO Andrew Schlossberg. “This represents a significant growth opportunity in a key asset management market, and we remain committed to supporting Canadian clients through our wide range of global investment strategies.”
"The addition of the Invesco Canada funds will extend and enhance our product lineup, adding significant new strategies and capabilities,” said CI GAM president and chief investment officer Marc-André Lewis. “Invesco Canada offers a robust lineup of high-quality mutual funds and ETFs, spanning traditional asset classes and alternatives and including a variety of innovative strategies. Their ETF business, with its broad selection of passive, factor-based and actively managed mandates, brings unique solutions to the Canadian marketplace. 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.”
Stikeman Elliott LLP is serving as legal counsel to CI GAM, with Jefferies Securities Inc. as financial advisor. Borden Ladner Gervais LLP is serving as legal counsel to Invesco, with Morgan Stanley & Co. LLC as financial advisor.
The deal is expected to close in the second quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals.
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