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The money management arm of Goldman Sachs Group Inc. is pursuing further expansion in Canada through a new advisory deal with IG Wealth Management.
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Goldman Sachs Asset Management’s multi-asset solutions team will help manage five IG Wealth portfolios. The products are designed for retail investors seeking a globally diversified approach, the firms said in a news release Tuesday.
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IG Wealth, a division of Winnipeg-based IGM Financial Inc., has about $178 billion of assets under advisement. Goldman is bringing “world-class institutional investment capabilities” to the portfolios, which include income, balanced and growth equity products, according to Florence Narine, head of investment solutions at IG Wealth.
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GSAM has been sub-advising National Bank of Canada’s investment division since 2015 and expanded has grown its Canadian business by working with other firms, including Bank of Montreal’s asset management branch and Wellington-Altus Private Wealth Inc.
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The global firm has also made a bigger push into outsourced chief investment officer services in Canada by winning a deal to manage Bombardier Inc.’s pension plan assets in 2022. Since then, Goldman has also added the Canadian pension assets of United Parcel Service Inc. and Shell PLC, among others.
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