Power Corporation of Canada
Also known as Power Corporation, PCC, TSX: POW
Canadian holding company focused on financial services across North America, Europe and Asia.
- Founded in 1925 as an electric utility holding company, it is now an international management and holding company.
- Its main holdings are leading businesses in insurance, retirement, wealth management and investment, including alternative asset platforms.
- It owns 100% of Power Financial's common shares following a 2020 reorganization.
- Its fintech strategy includes participation in Wealthsimple and other ventures alongside subsidiaries Great-West Lifeco and IGM Financial.
Why it matters
- It matters for anyone tracking Canadian finance and fintech because it is the controlling shareholder of major financial services groups and of Wealthsimple.
- Founded
- 19251
- Founders
- Arthur J. Nesbitt and Peter A.T. Thomson1
- Headquarters
- Montreal, Canada2
- Stock listing
- TSX: POW3
- President and CEO
- James O'Sullivan, appointed 20261
- Vice-Chairman
- Jeffrey Orr, since 20261
- Power Financial
- 100% of common shares owned since the 2020 reorganization1
- Subsidiary
- IGM Financial2
Key dates
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Founded1
Created by Arthur J. Nesbitt and Peter A.T. Thomson as a holding company for public utility investments.
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Control shifts to Paul Desmarais1
The Nesbitt family sold most of its interest to a group led by Paul Desmarais.
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Power Financial Corporation created1
A management and holding company created within the group.
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Finance expansion1
Acquisition of Canada Life, Mackenzie Financial and Putnam Investments.
-
2020 reorganization1
Power Corporation came to own 100% of Power Financial's common shares; Jeffrey Orr became president and CEO.
-
New leadership1
Jeffrey Orr became Vice-Chairman and James O'Sullivan was appointed President and CEO.
Fintech involvement
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Connections
Links
Sources
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The line under a date fills as time passes: empty when new, then one equal share each for a day, a week, a month and a year. For episodes and other items it is full at 2 years; for "last checked", at a year. A striped line means the date is known only to the month or year.