Fund manager IGM Financial Inc. is making a bet on sustainable investing by buying Greenchip Financial Corp., a Toronto-based boutique that’s focused on environmental firms.
The acquisition is being done through IGM’s Mackenzie Financial unit. Greenchip oversees more than $485 million for foundations, endowments and individual investors. Terms were not disclosed.
Greenchip invests exclusively in companies that make money off the transition to greener energy, including companies that focus on energy efficiency and sustainable agriculture.
“Canadians have historically had limited options available for investing in the environmental sectors,” Mackenzie Chief Executive Officer Barry McInerney said in a statement. “We believe that Greenchip’s investment strategy and expertise in energy transition and on climate change will help us meet the growing demand of both retail and institutional investors.”
IGM is ultimately controlled by Quebec’s Desmarais family via Power Corp. of Canada.
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