IGM Financial maintains its Wealthsimple investment fair valuation at $492M

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By CPE News

CPE News (11.4.2022) – IGM Financial Inc. (TSX: IGM) has maintain its reduced the fair value of its Wealthsimple investment at $492 million at September 2022, unchanged from the prior quarter and decreased $661 million for the nine months ending September 30, 2022

IGM Financial Inc. holds directly and indirectly a 24% interest in Wealthsimple. IGM Financial’s investment in Wealthsimple is held through a limited partnership (Portag3) controlled by Power Corporation of Canada’s Sagard Holdings.

Power Corporation reported 54.5% of total undiluted equity interest, held by Portag3 Ventures Limited Partnership (Portage I), Power Financial and IGM, or a fully diluted equity interest of 42.5% in Wealthsimple.

Toronto based Wealthsimple Financial Corp. is a financial company that provides simple digital tools for growing and managing money.

Wealthsimple other investors include Meritech, Greylock, DST Global, Iconiq, Dragoneer, TCV, Inovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital, Two Sigma Ventures, and private investors.

photo credit: Wealthsimple