As Power Financial Corp.'s investments in financial technology expand, the company is bringing on Adam Felesky to oversee its venture capital activity.
Mr. Felesky, former chief executive officer of Horizons ETF Management (Canada) Inc. who has become active in the Canadian startup scene, is set to take on investment responsibilities for Power's growing fintech investment group, according to people familiar with the plans.
As parent company to insurer Great-West Lifeco Inc. and investment company IGM Financial Inc., Power Financial has been an active investor as the financial services industry grapples with the threat of disruption from new technology. Last April, the company invested $30-million in robo-adviser Wealthsimple. And in May, IGM invested $50-million (U.S.) in U.S. digital wealth adviser Personal Capital Corp., with the option to put an additional $25-million into the business in the future. Story
DAILY DEALS
Shareholders of fleet management and equipment finance company Element Financial Corp. voted to approve a decision to split the company in two, the firm said Tuesday. Story
Unilever PLC is getting into the market for "natural" cleaning products with a deal to buy Seventh Generation Inc., a maker of plant-based detergents and household cleaners. Story
ICYMI
Jacqueline Nelson on why Canadian investors have a keen interest on infrastructure sales Down Under. Story
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