Canadian asset manager IGM Financial Inc.’s deal for a minority stake in Rockefeller Capital Management is a key moment in its strategy to be a “bigger force” in serving rich investors, its chief executive officer said. IGM, which is controlled by the Desmarais family of Quebec, snapped up a 20.5% interest in Rockefeller that values the New York-based firm at $3 billion. It’s a deal that unites two financial families that are steeped in tradition: Rockefeller Capital’s roots go back to the...

Sachin Shah is leading the giant Canadian investment firm into a business that’s earned rich rewards for its private equity peers. In this Article 46.35CAD 97.47USD 46.89CAD Have a confidential tip for our reporters? Get in Touch Before it’s here, it’s on the Bloomberg Terminal LEARN MORE Sachin Shah, a senior executive at Canadian investment giant Brookfield, could not contain his frustration. Shah was in the company’s Toronto headquarters listening to a presentation by a group of employees...

Canadian asset manager CI Financial Corp. is selling a 20% stake in its US wealth management unit to a group of investors including Bain Capital LP and Abu Dhabi Investment Authority. The shares soared. The $1 billion cash injection gives the business an enterprise value of about $5.3 billion, CI said in a statement that also named Ares Management Corp. and the state of Wisconsin as members of the investor group. The deal was reported first by the Wall Street Journal. CI rose 44% to C$18.05,...

Canadian home prices rose for the first time in a year after the country’s central bank halted its interest rate hikes and sellers remained hesitant to list their properties. The national benchmark price for a home climbed 0.2% to C$709,000 ($531,000) in March from February, according to data released Friday by the Canadian Real Estate Association. That’s the first increase after a year of month-over-month declines. Still, prices are down around 16% since their early 2022 peak. “As the spring...

(Bloomberg) -- Brookfield Asset Management Ltd. is taking over a secondaries business from Deutsche Bank AG’s asset-management unit as part of a broader push into a growing corner of private markets. Most Read from Bloomberg The arrangement, which confirms an earlier report by Bloomberg News, includes the transfer of DWS Group’s seven-person secondaries team and its $550 million fund to Brookfield, the world’s second-largest alternative investment firm. Terms weren’t disclosed. Secondaries...