GREAT-WEST UNIT BUYING CALIFORNIA WEALTH MANAGER

Great-West Lifeco Inc.’s subsidiary Empower Retirement said Monday that it is buying U.S. wealth manager Personal Capital for up to US$1 billion. Personal Capital, based in California, is a hybrid wealth manager that combines a digital platform with advice provided by human advisers, the company said. Empower has agreed to acquire Personal Capital for US$825 million and a deferred consideration of US$175 million subject to achieving growth targets. “This transaction supports Empower’s objective of accelerating growth in retail advice and wealth management for participants and is complementary to its objective of scaling its Defined Contribution retirement business both organically and through M&A,” said CEO Paul Mahon, said in a statement.