A commitment to progress

2010 to 2018
2010s

Driving excellence and innovation in a changing global landscape

From its strategic expansions into the U.K. and Irish markets to its leadership in the Chinese asset management sector, Power Corporation has consistently demonstrated innovation and adaptability in a rapidly evolving global economy. Between 2010 and 2018, the Corporation achieved significant milestones, including Great-West Lifeco’s targeted acquisitions, ChinaAMC's prominent role in asset management, and advancements across healthcare and financial services — reinforcing its commitment to excellence, long-term value creation, cultural inclusion, and responsible management.

This decade also marked the Desmarais family's 50 years at the helm of Power Corporation, alongside a continued partnership with the Frère family, reflecting the Corporation's dedication to shaping a sustainable future for generations to come.

Sadly, this period also saw the passing of Paul Desmarais, whose passion and energy had served the company for some 45 years.

2010s

Finding success as an
industry consolidator

Attesting to the success of the actions taken to become a consolidator in the financial services industry, Power Corporation now has more than 98 per cent of its assets in that industry. All transactions undertaken since the mid-1990s have resulted in considerable synergies in the companies involved. Power has taken its traditional long-term approach to managing these assets, investing in their people and operations to ensure competitive leadership. It has focused on the implementation and sharing of leading-edge technology – which is the life blood of the financial services industry – among all companies in the group.

2011to2017

A growing presence in China

Power continued to be involved in selected investment projects in China and, in 2004, became one of the first Canadian companies to be granted a Qualified Foreign Institutional Investor (QFII) licence by the Chinese government, which allowed it to invest directly in Chinese public companies.

In late 2011, Power Corporation acquired a 10% stake in China Asset Management Co. (ChinaAMC). Recognized as a leading company in the Chinese asset management sector, ChinaAMC, established in 1998, was one of the first asset management companies to receive approval from the China Securities Regulatory Commission.

In 2017, Power Corporation acquired an additional 3.9 per cent interest in ChinaAMC, bringing the Corporation’s interest to 13.9 per cent. At the same time, IGM Financial, through its subsidiary Mackenzie Investments, also acquired a 13.9 per cent interest in ChinaAMC, bringing the group’s joint holdings to 27.8 per cent.

The investment in ChinaAMC provided an opportunity to leverage the group’s global experience in wealth management and distribution in the fast-growing Chinese market. Through joint product development and sub-advisory services, Power’s strategic relationship with ChinaAMC had the potential to diversify and accelerate its earnings growth. For many years, Power had maintained a close long-term co-operation with CITIC Securities, ChinaAMC’s largest shareholder.

Logo of ChinaAMC
2012

Portfolio rebalancing at GBL    

GBL initiated a rebalancing of its portfolio in 2012 to strengthen its growth profile and consequently optimize its potential for long-term value creation. This transformation was pursued through a significant portfolio rotation, with disposals and acquisitions totalling €14 billion. It led to a substantial shift from high-yielding assets in the energy and utilities sectors into growth assets in the industry, business services and consumer good sectors, more exposed to long-term growth trends. This restructuring, aligned with GBL’s investment philosophy, enabled the achievement of greater diversification and improved sector allocation, while keeping the portfolio focused on a limited number of shareholdings.

Portrait of Ian Gallienne
Ian Gallienne

This portfolio rebalancing coincided with the appointment of Ian Gallienne as Chief Executive Officer (CEO) of GBL in January 2012. A Director of GBL since 2009, Mr. Gallienne previously founded the private equity funds Ergon Capital Partners I, II, and III (now Apheon MidCap Buyout) in 2005, serving as Managing Director until 2012. From 1998 to 2005, he managed private equity funds at Rhône Capital in New York and London.

Logo of GBL
2012

Investing in the future of renewable energy

In 2012, Power Corporation established a new investment platform, Power Energy, with an objective to invest in the renewable energy sector. Led by Pierre Larochelle, who acted as President and Chief Executive Officer until 2021, it invested in and developed renewable energy companies that provided stable and growing long-term recurring cash flows. Over the years, its portfolio has included companies such as Potentia Renewables, Lumenpulse and Eagle Creek Renewable Energy.

Logo of Power Energy
2010s

A series of acquisitions
at Great-West Lifeco

Great-West Lifeco and its operating companies made a number of targeted acquisitions in the 2010s, investing strategically to drive growth and productivity while maintaining a strong risk and expense discipline to deliver long-term value to its customers and shareholders.

2013

A veteran of the Canadian insurance industry

Since 2013, the leadership of Great-West Lifeco has remained under the steady guidance of Paul Mahon, President and Chief Executive Officer, who took on the role after Mr. D. Allen Loney stepped down in that role that same year.

Mr. Mahon, who joined Canada Life in 1986, has been associated with Great-West Lifeco for over 40 years, holding increasingly senior roles, including five years as President and COO, Canada, of Great-West Lifeco, London Life, and Canada Life prior to 2013. In addition to being a director of Canada Life and Empower, he also serves as a member of the Board of Directors of the Canadian Life and Health Insurance Association.

Portrait of Paul Mahon
Paul Mahon
2013

Achieving market leadership in Ireland

Consistent with Great-West Lifeco’s global business strategy of developing significant market positions, the company expanded its European presence in 2013 by acquiring Irish Life Group Limited for €1.3 billion from the Irish government.

Established in 1939, Irish Life is the largest life and pensions group and investments manager in Ireland. This single transaction positioned Great-West Lifeco as the leader in life insurance, pensions and investment management in Ireland.

Given Canada Life’s operations in Ireland, Great-West Lifeco leveraged its deep market knowledge and local management to assist with the acquisition and integration of Canada Life Ireland with Irish Life, making the acquisition immediately accretive to earnings.

Logo of Irish Life
2013to2018

Adjusting to the changing media landscape

The North American newspaper industry has faced challenges from emerging technologies, particularly over the last ten years. The impact on readership habits, circulation and advertising has been profound and has resulted in restructuring, layoffs and consolidation throughout the industry.

In April 2013, La Presse launched La Presse+, a free, digital edition for tablets combining the best in print media, mobile applications, video and the web. By May of 2014, it had become the most downloaded free application in the Newsstand and News categories on the App Store in Canada. In 2016 alone, La Presse+ readership increased by 18.7 per cent, with La Presse+ being viewed on an average of more than 273,000 unique tablets every day. As a result, its circulation exceeded the highest average weekday circulation reached by the print edition of La Presse at that time, which was about 208,000 copies in 2009.

La Presse discontinued printing its Monday-to-Friday paper editions on January 1, 2016, becoming the first major daily in the world to completely transition to a weekday digital format. In June 2017, La Presse announced that it would also cease the printing of its Saturday edition as of January 2018, thus becoming a 100% digital media. The last paper copy of La Presse’s Saturday edition was published on December 30, 2017.

In May 2018, La Presse announced its intention to adopt a not-for-profit structure, a decision that would end the publication’s 50-plus year ownership by Power Corporation.

This innovative structure, designed as a modern approach adapted to the realities facing print media, allows for all profit from operations, any government assistance and money collected from donors to serve La Presse’s operations directly.

By adopting this not-for-profit structure, La Presse becomes an entity entirely separated and independent from Power Corporation. As part of this transition, Power Corporate contributed $50 million to help La Presse focus on its strategic plan and bring together the necessary conditions to expand its support base.

La Presse pursues its mission of producing high-quality, thorough and reliable news for French-speaking readers and promoting diversity of opinion with respect for ideas and individuals. La Presse, which has been part of Québec’s history for over 100 years, is undeniably a reference in terms of news information and continues to play an essential role in ensuring the vitality of the democracy.

Image of the La Presse+ application on iPad
The La Presse+ application in september 2018
2013

Saying farewell
to a Canadian icon

The year 2013 came to close on a sad note. On October 8, the Honourable Paul Desmarais passed away peacefully, after a life of remarkable personal and business achievement.

Photograph of Paul Guy Desmarais
Paul Guy Desmarais, 1973

He was born in 1927 in Sudbury, Ontario and studied commerce at the University of Ottawa and law at Osgoode Hall until taking on the challenge of rescuing the family’s failing bus company. A visionary entrepreneur, he acquired control of Power Corporation in 1968. Paul Desmarais spent the ensuing years transforming Power Corporation into a dynamic financial, industrial and communications holding company with major interests in North America, Europe and Asia.

During the course of his lifetime, Mr. Desmarais distinguished himself as an exceptional philanthropist and as a citizen who cared greatly about the arts, architecture, music and education. Through his work, Power has become a force in the charitable giving field and Mr. Desmarais and his late wife Jacqueline Desmarais gave generously to social causes in support of those less fortunate.

Always a passionate defender of national unity and proud of his French-Canadian heritage, Paul Desmarais was appointed a member of the Privy Council of Canada, Companion of the Order of Canada, and Officer of the Ordre national du Québec. He was also a recipient of the Grand’Croix of the Légion d’Honneur of France and Commandeur de l’Ordre de Léopold II of Belgium. He saw his success in business at home and across the world as a contribution to the development of Canada as a nation and an example to young Canadians of the importance of both official languages.

2014

A third generation joins the group

Olivier Desmarais, son of André Desmarais, and Paul Desmarais III, son of Paul Desmarais, Jr., joined the group of companies in May 2014 and were appointed Senior Vice-Presidents in 2017. They each play a distinct role within the group based on their respective areas of expertise.

Paul III’s responsibilities include the management and growth of the multi-strategy alternative asset manager Sagard (formerly Sagard Holdings), in his role of Chairman and CEO. Sagard invests across four asset classes including private equity, private credit, healthcare royalties, and venture capital, and also offers wealth management services. Paul III is also Chairman of Wealthsimple, one of Canada’s leading financial technology companies, and Dialogue, Canada’s largest telemedicine company. He is deeply engaged in the Canadian entrepreneurial landscape having co-founded Diagram Ventures and Portage Ventures (formerly Portag3 Ventures).

As Chairman and CEO of Power Sustainable, Olivier steered the transformation of the company into a global multi-platform sustainability-led alternative asset manager. At its creation, Power Sustainable is comprised of two proven investment platforms aiming to steadily create long-term value: the Renewable Energy Infrastructure platform invests in the development, construction and operations of renewable energy infrastructure assets in North America, while the Pacific platform invests in China’s public equity markets. Continuing to nurture the long-lasting relationships Power Corporation has built in China since the early 1970s, Olivier serves as Chairman of the Canada China Business Council.

Portrait of Olivier Desmarais
Olivier Desmarais
Portrait of Paul Desmarais III
Paul Desmarais III
2014

Refocusing on global reach

In 2014, Great-West Lifeco would go on to announce Great-West Financial’s acquisition of J.P. Morgan Retirement Plan Services. With this transaction, Great-West Financial became the second-largest retirement services provider in the U.S. market, with nearly 7 million defined contribution participants and more than US$400 billion in assets.

Subsequent to the closing of the acquisition, Great-West Financial announced that its retirement business would officially be named Empower Retirement™ and would include the retirement operations of Great-West Financial, J.P. Morgan Retirement Plan Services and Putnam Investments.

Newspaper clipping: Great-West Financial rebrands retirement business after acquisitions
Denver Business Journal — October 30, 2014
Logo of Empower
2015

Growing the United Kingdom business

In 2015, Great-West Lifeco’s U.K. subsidiary, Canada Life (U.K.), made two acquisitions to support building the Europe businesses through targeted growth. Acquiring the annuity business of The Equitable Life Assurance Society enhanced its strong position in the U.K. retirement income market. Later, the acquisition of Legal & General International (Ireland) strengthened the company’s offshore bonds investment business.

Later the same year, Great-West Lifeco, through its indirect wholly-owned subsidiary Canada Life (U.K.), completed the acquisition of Legal & General International (Ireland)(LGII), a provider of investment and wealth management solutions for high-net-worth individuals primarily in the United Kingdom. Launched in 2007, LGII was a subsidiary of Legal & General Group based in Dublin, Ireland, a country with leading international financial services. This acquisition provided an opportunity for Great-West Lifeco to strengthen the offshore bonds investment business and gain access to new institutional relationships within the U.K. market.

Our European businesses continue to grow organically and through acquisitions in target segments.

Arshil Jamal President and Chief Operating Officer, Europe
Great-West Lifeco’s 2015 Annual Report
2016

Irish Life Health established and set to be a new force in the Irish market

In 2016, Irish Life acquired Aviva Health Insurance and the remaining 51 per cent of GloHealth Financial Services. These two businesses were merged to create Irish Life Health, a leading health and dental benefits provider with, at the time, over 400,000 health insurance customers in Ireland.

2016

IGM Financial invests in fintech leader Personal Capital

In 2016, recognizing the growing importance of financial technology (fintech) and the prominence of digital wealth advisory services, IGM Financial made a strategic investment in Personal Capital, a leading digital wealth advisor based in the United States, totalling US$75 million. Consistent with IGM Financial’s belief in the value of advice in growing investors’ wealth over time, this transaction enabled the company to participate in the emerging digital wealth management industry in the United States.

Logo of Personal Capital
Photograph: Garry MacNicholas, Executive Vice President and Chief Financial Officer, Great-West Life Assurance Company, and Great-West Lifeco Inc. (GWO), joined Shaun McIver, Chief Client Officer, Equity Capital Markets, TMX Group to open the market to celebrate the 125th anniversary for Great-West Life Assurance Company, and 30 years for Great-West Lifeco Inc. being listed on Toronto Stock Exchange. (CNW Group/TMX Group Limited)
Garry MacNicholas, Executive Vice President and Chief Financial Officer, Great-West Life Assurance Company, and Great-West Lifeco Inc. (GWO), joined Shaun McIver, Chief Client Officer, Equity Capital Markets, TMX Group to open the market to celebrate the 125th anniversary for Great-West Life Assurance Company, and 30 years for Great-West Lifeco Inc. being listed on Toronto Stock Exchange. (CNW Group/TMX Group Limited)
2016

The Great-West Life Assurance Company celebrates 125 years of working with Canadians

Founded in Winnipeg, Manitoba in 1891, The Great-West Life Assurance Company celebrated 125 years of working with Canadians in 2016. Over these many decades, individuals, families, businesses and organizations have been able to count on the dedication, skill and energy of its employees and distribution associates and their commitment to helping customers achieve financial security and well-being. In recognition of this significant milestone, Great-West Lifeco opened the Toronto Stock Exchange on August 29, 2016.

2016

Paul Desmarais III at the helm of Sagard’s evolution

Since 2016, Paul Desmarais III has served as Chairman and Chief Executive Officer of Sagard, steering the firm’s growth across venture capital, private equity, credit, and real estate. Under his leadership, Sagard’s assets under management grew to approximately $25 billion by 2024, and the firm built a global network to help companies navigate and lead disruptive trends. Through strategic partnerships and investments, Sagard played a key role in the success of technology-driven companies such as Wealthsimple, Koho, and Dialogue.

In addition to his leadership at Sagard, Mr. Desmarais III co-founded Portage Ventures and Diagram, two key entities within the Sagard ecosystem. He actively contributes to the growth of companies within the portfolio, serving as Chairman of Wealthsimple, Dialogue, and Novisto. He is also the Executive Chairman of Grayhawk, as well as a director of nesto and Empower.

Recognizing key players

Power Corporation has prospered over the years through the expertise and hard work of its many employees. Several senior executives stand out for having devoted much of their careers to the Corporation.

Portrait of Raymond L. McFeetors
Raymond L. McFeetors
Portrait of John A. Rae
John A. Rae
Portrait of J. Edward Johnson
J. Edward Johnson
Portrait of Gérard Veilleux
Gérard Veilleux

Raymond L. McFeetors retired as President and CEO of Great-West Lifeco in 2008, following a distinguished 40-year career and numerous important contributions to the company’s growth and success, including 16 years as President and CEO of Great-West Life. He was appointed Chairman of Great-West Lifeco and was elected to the Board of Directors of Power Financial and named Vice-Chairman. He retired from Power Financial in 2013 but continued to serve as a director of Great-West Lifeco until 2014.

John A. Rae, one of Power’s longest-serving officers, joined the Corporation in 1971 as Executive Assistant to the Chairman and Chief Executive Officer, Paul Desmarais. In 1978, Mr. Rae became a Vice-President and in 1991, he assumed the responsibilities of Executive Vice-President. In 1988, he was elected to Power’s Board of Directors and served as a Director until 2012. During his 47 years with the company, Mr. Rae worked with all three generations of the Desmarais family, and played an integral role in guiding Power through numerous transformations. He was also instrumental in developing and implementing the company’s community investment initiatives. Mr. Rae retired in 2018 from the Power Group.

J. Edward Johnson joined the Corporation in 1985 after a number of executive positions in both the private and public sectors. He was Senior Vice-President, General Counsel and Secretary until 2012. During his tenure, he played a key role in the development of Power, in addition to his role as the Corporation’s spokesperson. As Secretary of Power, he guided the Corporation’s governance structure and practices and ensured regulatory compliance during a time when this topic came under increasing public scrutiny. He continues to serve the Corporation as a special advisor.

Gérard Veilleux served as President of Power Communications Inc., a Power Corporation subsidiary, from 1994 until 2015 and was Vice-President of Power Corporation from 1998 until 2009. He served as Chairman of the Executive Committee of the Board of Gesca and La Presse until 2015. It was under the leadership of Mr. Veilleux that La Presse established its digital strategy including the development and launch of the La Presse+ application for tablets. He continues to serve the Corporation as a special advisor.

2016

Diagram: A unique venture-building platform within Sagard

Founded in 2016 as part of Sagard’s global multi-strategy investment platform, Diagram has become a leading venture builder and early-stage investor in the Fintech and ClimateTech sectors. With a focus on empowering proven entrepreneurs, Diagram offers access to venture capital, hands-on support, and a vast network of partners to transform ambitious ideas into thriving businesses. From 2016 to 2024, its global ecosystem of over 200 angel investors and corporate partners fuelled the growth of more than 25 companies, raising over $400 million. In 2024, Diagram marked a new chapter by launching its first dedicated ClimateTech fund, with a final close at $80 million, to drive innovation and accelerate the transition to a more sustainable future.

Logo of Diagram
2016

Investing in financial technologies, a strategy for the future

Many financial technology (fintech) ventures were launched worldwide in the 2010s, addressing virtually every market sector of the financial services industry. As a large incumbent player with millions of clients, the Power Group was intent on knowing how the industry would change and how best to serve clients in the future.

Power Financial, in partnership with Great-West Lifeco and IGM Financial, elaborated a multi-pronged strategy in the fintech area: help existing financial services businesses transform their models and enrich their clients’ experiences while providing an attractive return on the capital invested.

In line with this vision, the group announced in 2016 the formation of a new investment fund, Portage Ventures (formerly Portag3 Ventures), which today is the venture business of multi-strategy alternative asset manager, Sagard (formerly Sagard Holdings). This fund is dedicated primarily to backing innovative financial services companies that have the potential for change and global impact. A second fund, Portage Ventures II (formerly Portag3 Ventures II), was launched in 2018.

Wealthsimple's website screenshot: Make your money make money

Portage Ventures brings together Power Corporation group companies and outside investors to build an interconnected fintech ecosystem. As of September 30, 2021, Portage Ventures has invested in more than 60 fintech companies and investment funds. An example is Wealthsimple, one of Canada’s leading financial technology companies which operates one of the country’s largest and fastest-growing digital investing services.

2017

Financial Horizons Group extends Great-West Lifeco’s reach in Canada

In 2017, Great-West Lifeco acquired Financial Horizons Group, Canada’s leading independent managing general agency. With 30 branch offices nationwide, this acquisition expanded Great-West Lifeco’s customer base and strengthened its position in the growing independent MGA sector.

Logo Financial Horizons Group

We are building on our core strengths and investing in new capabilities to position us to continue to meet the changing needs of both customers and advisors.

Stefan Kristjanson President and Chief Operating Officer, Canada
Great-West Lifeco’s 2017 Annual Report
2018

An important milestone: Fifty years at the helm of Power Corporation

2018 marked the 50th anniversary of the Desmarais family’s commitment to Power Corporation. While the Corporation’s portfolio has changed significantly since Paul Desmarais became the controlling shareholder in 1968, the fundamental values driving the investments have not. Throughout the past fifty years, the family has consistently put forth its belief in a sound investment philosophy, long-term relationships, and personal commitment to communities.

As controlling shareholders, the Desmarais family considers itself a steward of this company and its businesses. Above and beyond this stewardship, they consider it their duty to grow and develop the Corporation for the upcoming generations of the family and for all shareholders. This deeply held conviction has had a profound influence on how the business has been managed in the past and continues to be managed today to ensure a sustainable future.

The members of the Desmarais family also feel fortunate to have worked with generations of like-minded women and men who have shared their values, their vision, and their passion. In a letter in Power Corporation’s 2018 Annual Report, Paul Desmarais, Jr. and André Desmarais expressed their gratitude to employees, past and present:

Image of a Speech given by Paul Desmarais, Jr.
Speech given by Paul Desmarais, Jr., at the 2019 Power Corporation General Assembly

The Desmarais family and Power Corporation: a 50‑year journey

As our family marks 50 years at the helm of Power Corporation, we wanted to formally thank all those who have contributed to the success of Power and its group companies. We are humbled by and grateful for our employees’ efforts in pursuit of Power’s success.

2018

Expanding in the U.K. and Ireland

In 2018, Canada Life (U.K.) expanded its scale in the U.K. retirement income market through the acquisition of Retirement Advantage, adding over 30,000 pension and equity-release customers and £2 billion (C$3.2 billion) in assets and broadening the product offering to include equity-release mortgages. Additionally, Irish Life acquired a stake in Invesco, Ireland’s largest independent financial consultancy, further solidifying its leadership in life insurance, pensions, and investments, managing €5 billion in assets for nearly 55,000 pension members at the time.

Logo of Canada Life
2018

Building strategic momentum

Later in 2018, Canada Life (U.K.) sold a block of 155,000 heritage policies with assets and liabilities of £2.7 billion (C$4.7 billion) to Scottish Friendly Assurance Society Limited. This allowed Canada Life to focus on its core market of annuities, wealth management, group and individual protection, as well as retirement solutions markets, while benefiting customers through Scottish Friendly’s established expertise and scale.

2018

IG Wealth Management puts the client’s interests first

In 2018, Investors Group announced it had rebranded as IG Wealth Management, reflecting its central focus of helping clients grow their wealth. At the same time, the company also announced the launch of the IG Living Plan™, which provides a single, integrated view of all aspects of a client’s finances and adapts to their changing lives.

This branding of IG Wealth Management and the launch of IG Living Plan™ were only the latest steps in the evolution of the company, which also included: ensuring that IG Wealth Management Consultants have a level of training beyond industry standards; introducing National Client Advisory Councils; changing consultant compensation to make it more closely aligned with clients’ interests; eliminating deferred sales charge commissions; and making fee transparency a high priority.

Logo of IG Wealth Management
2018

Passing of Albert Frère

The end of 2018 was marked by the passing of Albert Frère, Honorary Chairman of GBL and co-controlling shareholder of the company, and former Vice-Chairman of the Board of Directors of Pargesa Holding. Since joining the group in 1982, and becoming one of two controlling shareholders of GBL in 1990, Albert Frère led GBL to become one of the largest holdings in Europe. Established in 1990, the partnership between the Desmarais and Frère families has transcended generations. In 2012, the agreement governing the families’ strategic partnership in Europe was extended to 2029. The long-lasting friendship between the Frère and Desmarais families will be one of the hallmarks of Albert Frère’s legacy.

Tribute video to Albert Frère

2018

Changes to GBL’s governance

In December 2018, GBL announced changes to its governance, which became effective after its shareholders’ meeting of April 2019. Paul Desmarais, Jr. became Chairman of the Board of Directors and succeeded Gérald Frère who was appointed Vice-Chairman of the Board of Directors and Chairman of the Standing Committee. Ian Gallienne assumed sole operational management of the company as Chief Executive Officer.

Recognizing key leaders at Power Corporation

Henri-Paul Rousseau served as Vice-Chairman of Power Corporation and Power Financial from 2009 to 2018, while also holding board positions with Great-West Lifeco, IGM Financial, and their subsidiaries. His extensive knowledge of Canadian and international financial markets was instrumental in expanding the business across North America and globally. During his tenure, Mr. Rousseau made significant contributions to the management teams and boards of these organizations, particularly through his leadership in economic and market research on pension systems, retirement product design, and the value of financial advice.

Claude Généreux has been a key leader at Power Corporation since joining as Executive Vice-President in 2015, a role he also held at Power Financial from 2015 to 2020. Since joining the Corporation, he has driven strategic initiatives and fostered excellence across its group companies. He serves as a Director for Great-West Lifeco, Canada Life, Empower, IGM Financial, IG Wealth Management, Mackenzie, and GBL, and was a director of Putnam Investments until January 2024.

Portrait of Henri-Paul Rousseau
Henri-Paul Rousseau
Portrait of Claude Généreux
Claude Généreux