Wealthsimple Aims to Quadruple Assets to $74 Billion in Five Years
- Wealthsimple’s Katchen sees private-asset funds helping growth
- The Canadian firm is backed by Montreal’s Desmarais family
Wealthsimple CEO Mike Katchen
Photographer: Galit Rodan/BloombergThis article is for subscribers only.
Wealthsimple Financial Corp., the online investment platform backed by Canada’s billionaire Desmarais family, has set a target of quadrupling assets to C$100 billion ($74 billion) in five years, betting that it can capture a significant share of younger investors who don’t want to use traditional money managers.
Toronto-based Wealthsimple has grown rapidly, with assets rising about 10-fold to C$25 billion since 2018, thanks in part to slick advertising and some Hollywood star power — celebrities Drake, Michael J. Fox and Ryan Reynolds are among its minority investors. The business has gained momentum recently, Wealthsimple Chief Executive Officer Michael Katchen said Tuesday.