NEW YORK--(BUSINESS WIRE)--Rockefeller Capital Management today announced a minority investment in the company by IGM Financial Inc. (“IGM Financial”), a member of the Power Corporation of Canada (“Power Corporation”) group of companies. Power Corporation is an international management and holding company that focuses on financial services in North America, Europe, and Asia. IGM Financial is acquiring an approximately 20.5 percent ownership stake in Rockefeller in exchange for an investment of US$622 million – a significant recognition of the growth and momentum of the independent financial advisory firm founded just five years ago. The transaction closed today.
“We are very pleased that IGM Financial is becoming a strategic investor in the firm, alongside Viking Global Investors, our founding majority investor, and the Rockefeller family,” said Gregory J. Fleming, President & CEO of Rockefeller Capital Management. "This will accelerate our next phase of growth as we continue to build a best-in-class independent financial advisory firm on the legacy of the Rockefeller Family Office.”
Viking will continue to be Rockefeller’s majority investor, and Rockefeller remains Viking’s largest investment holding. In addition, as part of this transaction, the Rockefeller family is increasing its investment in Rockefeller Capital Management. “Viking’s leadership has been instrumental in the significant growth achieved by Rockefeller Capital Management,” Fleming said. “Together, we decided that bringing in a new strategic partner with a long-term investment orientation and cultural fit is the right step at the right time.”
“As organizations that understand and value the businesses, brands, and leadership of the companies they own, IGM and Power Corporation are ideal long-term strategic partners for Rockefeller,” he added. “Their investment philosophy is similar to that of Viking, relying on strong management teams to lead great businesses.”
“We are pleased that we now have both IGM and Viking at our side as we continue to build Rockefeller Capital Management,” said Jack Brennan, lead independent director at the firm. “This new investment is consistent with both the vision and strategy we articulated when we launched the firm in 2018.”
IGM Financial is a leading wealth and asset management company with approximately US$190 billion in total client assets. Its core businesses include IG Wealth Management and Mackenzie Investments. The company also holds strategic investments in a range of international companies, including ChinaAMC and Wealthsimple.
“We are delighted to become partners with Rockefeller Capital Management,” said James O’Sullivan, President & CEO of IGM Financial. “With historic ties, similar cultures, and compatible business visions, we’re confident in our long-term investment in Rockefeller’s future growth prospects. This transaction advances IGM’s strategy of expanding its presence in the high-net-worth and ultra-high-net-worth client segments, creating an entry to the U.S., the largest and deepest wealth market in the world.”
Power Corporation, as the parent company of IGM Financial, is an ideal long-term strategic partner for Rockefeller. Founded nearly a century ago, Power Corporation’s modern incarnation began in 1968 when it was acquired by entrepreneur Paul Desmarais. Under his leadership and that of his two sons, Paul Jr. and André, who became co-CEOs in 1996 (a position they held until 2020), Power Corporation was set on a bold new course. It has since become an international management holding company with over US$2.0 trillion in consolidated assets and assets under administration, with leading insurance, retirement, wealth management, and investment businesses in North America, Europe, and Asia.
Today, Power Corporation is led by President & CEO Jeffrey Orr, who has been with the Power Corporation group of companies for more than two decades. Similar to Viking’s investment philosophy, Power Corporation focuses on building high-quality businesses over the long-term, while allowing them to operate independently with their own established brand identities. Members of the Rockefeller and Desmarais families have had long-standing relationships, collaborating on many levels over the decades. The families also share core values of stewardship and philanthropy across conservation, community development, education, and the arts.
“We are thrilled and enthusiastically support this coming together of Power Corporation, IGM Financial, Rockefeller Capital Management, Viking Global Investors, and the Rockefeller family,” said Paul Desmarais Jr. and André Desmarais, Chairman and Deputy Chairman, respectively, of Power Corporation. Jeffrey Orr added: “We look forward, over the long term, to working together as partners alongside an outstanding management group in building one of the world’s preeminent wealth management firms.”
David Rockefeller Jr., a director of Rockefeller Capital Management and fourth-generation family member, agreed. “This new investment reinforces the momentum and optimism we feel at Rockefeller Capital Management, and I am thrilled by it. This partnership between the Desmarais and Rockefeller families will be a powerful business combination and just one more sign of our families’ deep bond of friendship.”
Fleming said the partnership will not impact the day-to-day operations of Rockefeller’s businesses – Rockefeller Global Family Office, Rockefeller Asset Management, and Rockefeller Strategic Advisory. “What it does is reinforce the trajectory of our growth and promises to open new opportunities for us and them in the months and years ahead,” said Fleming.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Rockefeller Capital Management.
About Rockefeller Capital Management
Rockefeller Capital Management was established in 2018 as a leading independent financial advisory services firm. Originally founded in 1882 as the family office of John D. Rockefeller, the Firm has evolved to offer strategic advice to ultra- and high-net-worth individuals and families, institutions, and corporations from 44 locations across the United States. Early in 2022, the Firm opened an office in London. As of March 31, 2023, the Firm was responsible for over US$100 billion in client assets across its three businesses, Rockefeller Global Family Office, Rockefeller Asset Management and Rockefeller Strategic Advisory.
About IGM Financial Inc.
IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately C$258 billion in total assets under management and advisement at February 28, 2023. The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. IGM Financial is a member of the Power Corporation group of companies.
