TORONTO, April 1 – Canada Life™ today officially launched Canada Life Securities Inc.
(CLSI), a wholly owned subsidiary of The Canada Life Assurance Company (“the Company”).
CLSI was created to serve the Company’s group retirement
and investment services clients. CLSI will execute mutual fund, pooled fund, GIC and
company stock transactions for its trust-based clients. These clients were gained through
Canada Life’s acquisition of a major Canadian financial institution’s Group Retirement and
Investment Services business in December of 2000.
“When we acquired the business in December 2000, part
of our strategy was to continue to offer trust-based products, rather than integrating
them into our insurance product offering. By taking this approach both our insurance-
based and our newer trust-based clients have access to a wider range of group retirement
and investment products and services,” said Alex Harvey, Vice- President Group Payout and
Annuities. “We believe this gives Canada Life a competitive advantage in the marketplace.”
The launch of CLSI is another clear indicator that Canada Life is committed to enhancing
shareholder and customer value by growing its wealth management business.
“I envision a tremendous future for our group
retirement and investment services business,” said Bill Acton, Executive
Vice-President and Director, Canadian Division. “Combining the safeguards and
capabilities inherent in securities-based products and services with the flexibility and
efficiency of group savings products makes for an excellent customer value proposition.
Building this new capability will contribute to the growth and prosperity of Canada Life
for years to come.”
CLSI is a member of the Investment Dealers Association of Canada.
The Canada Life Assurance Company, founded in 1847 as the
first domestic life insurance company in Canada, has total assets under administration in
excess of $65 billion. The Company’s Canadian Group Retirement and Investment Services
business has over $11 billion in assets under administration. Headquartered in Toronto,
Canada Life operates in Canada, the United States, the United Kingdom, the Republic of
Ireland, Germany, Brazil, Hong Kong and the Caribbean.