Invesco Sells Canadian Retail Arm to CI GAM in Strategic Shift

TORONTO, ON – January 13, 2026 – In a landmark move poised to reshape the Canadian investment landscape, Invesco Ltd. announced today it has entered into a definitive agreement to sell the management of its Canadian retail mutual fund and exchange-traded fund (ETF) business to CI Investments Inc., which operates as CI Global Asset Management (CI GAM).

The transaction will see CI GAM assume management and portfolio management responsibilities for Invesco Canada's entire family of retail funds. However, the deal also establishes a long-term strategic partnership, with Invesco's global affiliates set to continue providing sub-advisory services for a significant portion of the funds. This complex arrangement signals a major strategic pivot for the global asset giant Invesco and a bold expansion for the Canadian-focused CI GAM.

The deal is subject to regulatory and securityholder approvals, with a final closing anticipated by the end of the second quarter of 2026.

A Power Play for CI Global Asset Management

For CI Global Asset Management, the acquisition represents a significant consolidation of power and a major expansion of its footprint in the highly competitive Canadian market. The deal encompasses approximately $26 billion in assets under management, which will boost CI GAM’s total AUM to an estimated $170 billion upon completion. This substantial increase solidifies its position as one of Canada's largest asset management firms.

This acquisition is more than just a play for scale; it is a strategic enhancement of CI GAM’s product shelf. Invesco Canada’s suite of funds includes a diverse array of passive, factor-based, and actively managed mandates across both mutual funds and a robust lineup of ETFs. These offerings, including popular funds like the Invesco NASDAQ 100 Index ETF and various ESG-focused products, will be integrated into CI GAM's platform, providing its network of financial advisors and their clients with a broader spectrum of investment solutions.

Industry analysts see this as a classic offensive move in a consolidating market. By absorbing a well-established competitor's retail business, CI GAM not only grows its asset base but also strengthens its distribution network and diversifies its revenue streams. The move aligns perfectly with a broader strategy by parent company CI Financial to fortify its wealth and asset management pillars.

Invesco's Global Realignment

While the transaction marks a significant divestiture for Invesco in Canada, it should be viewed less as a retreat and more as a strategic realignment consistent with its global priorities. Invesco, a behemoth with US$2.1 trillion in assets under management worldwide, has been increasingly focused on streamlining its operations to concentrate on high-growth areas and markets where it can leverage its immense scale most effectively.

The structure of the deal is telling. Invesco is not completely severing ties with the Canadian market. Under a long-term arrangement, Invesco affiliates will remain as sub-advisers for 63 funds, designated as "Group B Funds," which represent about half of the assets being transferred—approximately $13 billion. This list includes a wide range of fundamental equity and fixed-income products, such as the Invesco Global Companies Fund and the Invesco Developing Markets Fund.

This hybrid approach allows Invesco to offload the operational and administrative responsibilities of managing a regional retail business to a local specialist, CI GAM, while still generating revenue from its core strength: portfolio management and investment expertise. This move mirrors actions by other global asset managers who are optimizing their footprints, shedding non-core or less scalable operations to double down on global ETF platforms, private markets, and institutional mandates. Divesting the Canadian retail management layer allows Invesco to reallocate capital and resources to these global strategic priorities.

The Shifting Sands of Canadian Asset Management

The Invesco-CI GAM transaction is a textbook example of the powerful consolidation trend sweeping through the Canadian asset management industry. For years, firms have grappled with mounting pressures from fee compression, rising regulatory and compliance costs, and intense competition from both large incumbents and nimble fintech startups. In this environment, scale has become paramount for survival and profitability.

Acquisitions allow firms like CI GAM to achieve economies of scale, spreading fixed costs over a larger asset base and enabling them to compete more effectively on price. This deal is one of the most significant in a series of mergers and acquisitions that have reshaped the Canadian wealth sector, concentrating assets into the hands of a few dominant players.

Furthermore, the transaction underscores the enduring importance of ETFs. A substantial portion of the assets involved are in Invesco's popular ETF lineup, a segment that continues to capture a growing share of investor assets in Canada and globally. For CI GAM, acquiring this established ETF business is a strategic coup, bolstering its own offerings in a critical growth area. The deal highlights that a successful modern asset manager must have a strong, diversified offering that spans both traditional mutual funds and the increasingly popular ETF structure.

What This Means for Canadian Investors

For the thousands of Canadians invested in Invesco's retail funds and ETFs, the announcement marks the beginning of a period of transition. The most critical step in this process is securing their approval. Invesco Canada has scheduled special meetings for securityholders, expected to be held on or about March 30, 2026, to vote on the proposed change of manager.

Ahead of these meetings, investors will receive a detailed management information circular. This document will be essential reading, as it will outline the specifics of the proposed changes under CI GAM's stewardship. Investors and their financial advisors will need to scrutinize this circular for any potential alterations to fund investment objectives, strategies, or fee structures. While continuity is often a goal in such transitions, changes are possible as the new manager integrates the funds into its existing operational framework.

A key distinction for investors will be whether their holdings are in the "Group A" or "Group B" funds listed in the announcement. For investors in Group B funds, the continuity will be greater, as Invesco's portfolio management teams will remain as sub-advisers. For those in Group A funds, which include many Canadian-focused equity funds and index ETFs, CI GAM will assume full portfolio management duties. The final shape of the deal hinges on these upcoming securityholder votes, which will ultimately determine the scope of this significant consolidation in the Canadian investment industry.