Investing
Desmarais Family’s IGM Aims for Rich Clients in Rockefeller Deal
- Canadian firm adds to portfolio with $622 million investment
- IGM’s core business has faced pressure from lower-cost firms
Andre Desmarais and Paul Desmarais Jr. in 2019.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
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 1880s, when John D. Rockefeller established a family office.