IGM Financial-backed Mackenzie Financial completed the acquisition of a 13.9% stake in China Asset Management for $900m from Power Corporation of Canada.

IGM Financial-backed Mackenzie Financial, an investment management company, completed the acquisition of a 13.9% stake in China Asset Management, an asset manager in China, for $900m from Power Corporation of Canada, a financial services company. "The Chinese asset management industry is one of the largest and fastest growing markets in the world. We believe that an expanded investment in ChinaAMC – one of the top three asset managers in the country – is strategically important to position IGM Financial for further growth," James O'Sullivan, IGM Financial President and CEO.