Canada Life announced Jan. 8 the launch of its new fund management subsidiary, Canada Life Investment Management Limited (CLIML).

The company says CLIML will be responsible for investment management and primary portfolio manager functions for the Canada Life Mutual Funds and Canada Life Pathways Funds, except for certain fund series which share a corporate class or trust series structure with Mackenzie Investments (Mackenzie)-branded funds. Management for these funds will be transferred to CLIML at a later date, says Canada Life.

The company says CLIML will allow Canada Life to directly control its product shelf and its pricing. Through this subsidiary, it will introduce “new and improved investment strategies and solutions, leveraging the capabilities of hand-picked third-party fund managers from around the globe,” stated Canada Life.

"With our own fund management company, we'll focus on building strong partnerships with leading investment managers from around the world, while designing and delivering quality investment products and portfolio solutions, tailored to the changing needs of our customers and advisors," said Steve Fiorelli, Senior Vice-President, Wealth Solutions, Individual Customer, Canada Life and Chief Executive Officer, CLIML. "We're excited for this new path forward, and as we continue to strengthen and evolve our wealth business, we're confident that CLIML will make it easier for our customers and advisors to succeed with us."

Last August, Great-West Lifeco announced the sale of GLC Asset Management Group Ltd. to Mackenzie. As part of this transaction, Canada Life announced it intended to create its own investment fund management company, CLIML. The sale was completed Dec. 31, 2020, and CLIML began operations on January 1, 2021.