Goldman Sachs deepens Canada expansion with IG Wealth

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Goldman Sachs expands in Canada

Highlights

Goldman will help manage five IG Wealth portfolios.
IG Wealth has about C$178 billion under advisement.
The agreement expands Goldman's Canadian asset-management reach.

Goldman Sachs Asset Management will help manage five IG Wealth portfolios through its multi-asset solutions team, Bloomberg reported. The portfolios cover income, balanced, and growth-equity strategies and are designed to provide retail clients with diversified exposure across global markets.

Goldman extends its Canadian reach

IG Wealth is part of Winnipeg-based IGM Financial and oversees about C$178 billion in assets under advisement. The agreement allows it to incorporate Goldman's institutional portfolio-management capabilities into products distributed to individual investors.

For Goldman, the partnership follows years of building its Canadian presence largely through relationships with local financial groups rather than relying solely on its own distribution network.

Goldman Sachs Asset Management has worked as a sub-adviser to National Bank of Canada's investment division since 2015. It has subsequently expanded through relationships with Bank of Montreal's asset-management business and Wellington-Altus Private Wealth.

Beyond retail investment portfolios

Goldman's expansion in Canada also extends into institutional money management. The firm has been building its outsourced chief investment officer business, where an external manager takes responsibility for some or all of an institution's investment portfolio.

A significant step came in 2022, when Goldman won a mandate to manage pension-plan assets for Canadian aircraft manufacturer Bombardier. It has since added Canadian pension assets belonging to United Parcel Service and Shell, broadening its presence among large corporate retirement plans.

The combination of retail portfolio partnerships and institutional mandates gives Goldman several routes into the Canadian market without requiring it to build each distribution channel independently.

Partnerships strengthen Goldman's Canadian position

The IG Wealth agreement matters because it connects Goldman's global investment platform with a Canadian wealth manager overseeing roughly C$178 billion. The five portfolios also give the firm exposure to investors with different risk profiles, ranging from income-oriented clients to those seeking growth through equities.

The broader pattern is equally significant. Goldman's relationships now span major banks, independent wealth managers, and corporate pension plans in Canada. That approach allows the firm to expand its asset-management footprint through established Canadian institutions while competing for both individual and institutional capital.

For IG Wealth, the arrangement adds another external global manager to its investment capabilities. For Goldman, it reinforces Canada as a market where partnerships are becoming an increasingly important part of its asset-management expansion.

Earlier, we reported that Goldman Sachs and JPMorgan reassess the private credit market.

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