Power Corp of Canada (PWCCF) 8 Aug 222022 Q2 Earnings call transcript

Good day, ladies and gentlemen. Welcome to the Power Corp. Q2 2022 Earnings Call. At this time, all lines are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. at question. for provided up to be a for will that you time queue Instructions Instructions]. [Operator would I remind on to like August being call X, recorded is XXXX. everyone that this to Officer. like the to I President would Executive call now over Chief and Jeffrey turn Orr, sir. ahead, go Please

Thank call to QX here X X. and welcome on results of you. everyone to Monday pages morning all and I'll you, call, operator, our Happy kickoff the and

that three is disclaimers my our Power X; recently forward-looking or information Tretiak, on at non-IFRS and have on either EVP Power Page a just today that the Corp. operating can two then principal of by on I'll and with been of go measures. start remarks Chief me that answer of and us reminder Page sources through We of released presentation our your various subs, Greg leisure. And material between information Officer X, is reference focusing and public your who you X. we'll have Financial the look you questions. through Page can And

in think in I pretty in are was key parts So our of environment. for both negative certain our different a to Canada of certain, earnings and tied challenging levels. in of -- we lot what Obviously, have and a shaky. market other were solid Flows really across highlights the quarter, group the were perspective parts countries. two earnings from the industry Markets

solid then Life, results the good business, environment. of market strategy most continuing and in weakness showing IGM business and U.S. for lot performed and to Corporation but those results And which businesses. a challenging its our challenging in was offset along results its roll being in their the drivers with Great-West the our on interest the in really of pronounced really the Life a IGM, businesses environment, Great-West Power of strength well, two earnings main diversification and So results.

second from my and this perspective, on a execution. was point really focused The quarter really

and to deals we've executing we the quarters, is their of on on progress U.S. not was to and other got transactions. focused It previous the years. two face it, transactions down hard on hey, transactions the always shareholders. as at in execution, said, Power. most and then head We've markets, executing capital strategy, made strategy come what did of We're everybody's with on could to in we're focused very couple we've in we difficult not three platforms, its GBL the group So already focused The return last move along focused pronounced forward, -- other but to say heavily done IGM a continuing the over lot in or future. the in continue to on Again, fundraise articulated. continuing deals of

So slides of those results picked and execution. a examples. the bunch and solid have themes; we X, of whole are could earnings some Page

I think my in and it so fixed S&P, XX, to was head. It bond And it's XX%. Jan from market down You income side, it But live about on X XX% down challenging also left-hand Barclays June all the to I the like I got market, on Agg, really XX%. the XX looks think was that. markets XX% June it. the

those it's act two So that time a long seen in been way. since we've

Canadian example. Those the whacked side. on are the in income investors equity both right-hand sales. side and is fund fixed just face so really the one on got mutual the And And side

are very we certainly more markets a lot in example. but than So a that, it's just concrete

in for on the record. quarter Canada. mutual last XX is quarter second this the QX the at looking And flows years You're fund worst

a from point quarter that back if think worst of go history, view. this in I suffered industry certainly is dollar the gross you has the

and on it few turn us side to Page challenging you to So X ensuing business. environments walk pages. to through of the going I'm next the market Greg, the Greg?

where a have the the more for on Great. to results Thank little you, to straight I'm Jeff. quarter. go color Page we going XX

you from environment, go challenging page but items going some And the give so, on right-hand delivered noted, the the as companies. operating here. few results points and just on the of solid column down basically a significant I'm to you

right investment they enhanced disclosure. Life's exception negative the diversified as with starting geographies the and softer impairments Otherwise, strong reflects across on all Jeff, that mortgage that to Down well you and is and that mix focuses a asset GBL, business. some book this business Life, Their management contribution environment. week. they where their course, basically focused to tech some platforms, the first, in the bit weakness So management last more but management into delivered indicator enhance the of business a dividends, the million traveling, the and to, earnings And on offsetting were earnings had on call that marks a as the tried quarter. was $XX and on NAV, in was wealth been principally have 'XX, cue a took they're and businesses. quarter. of in NAV of Great-West some their quarter. cash as seed alluded in of insurance in that market-induced insight in Great-West last we've we've capital the little page, the addition to right would with to IGM a referenced performance their give disclosure us alternative key you businesses

whereas big of contributions one primarily equities portfolio in China the realized public changes. those change portfolio, being hopefully quarter-to-quarter top we where We market, some this year losses last gains. on reasons the think harvesting cite I you'll the they do at the were of the for year, see the

million, asset Power take I a on So invite platforms, in I appendix presentation that of in investment alternative run the line there's course you the is rate targets. over million days. points those and are with $XX Sagard In amount at But synergy expenses, targets this our to results. the particular make. the couple and about XX, look reflected operations on our -- significant would of the corporate synergy of would the as post both is Page a of in detail which our completed Operating Sustainable, we others, $XX two to next

where is So cash it options to lower gain, it's $XX is line running and that might a expect, it includes right in were with be. we designated with $XX net certain the settled expected number which associated million in quarter. million as than The you

something have would expecting little higher. probably a you been So

over XX, $XX.XX. net asset with page, Certainly, which from XX% Page out. that is point just XX to our that just to is next So market And that, the just asset note of $XX.XX the value to portfolio And mark-to-market. values. almost down net the is March down environment flip I'd actually reflecting

And I'd you, that turn to it with is here. that, back certainly reflected I Jeff. think So

Thank Okay. you, Greg.

And to in are within of So target we'll years of the terms they integration. the completed of to side, its tracking the the hit Great-West management six by they're retention [indiscernible]. synergy to been their are of complete move models. just the company's And eight is that already to year. expense waves on Life -- Management of track tracking are very three going the going couple message track. I'm is Page own But a at revenue at is few the forward expect along over XX. have on highlights well. that key all furthest its pick MassMutual last up their Empower acquisitions and ahead end There reaffirmed eight and they're actually the on of

Capital starting starting Prudential closed well. the to Capital tools, core D.C. are continues Personal out great, program, then the to is and So of are of D.C. during so Personal rolled And Capital X.X the that's get within in the participants along and million including MassMutual the add tools position messaging moving significantly work tools. quarter, Empower to now of be the so the both Personal market.

the out that. Empower the D.C. of strategy of being retirement incorporated those business strategy and Empower they enhancing wealth when has on share capture course well their of retail where the an to got as try effectively plan management jobs, tools we're So participants of and retail roll people change increasing experience into as on or of a

progress I talked overall, all announced original time the of that results. the we really XX. goals the Page feel good at have about IGM, and transactions. about very good we So announced those

I strength core think highlight. the the of business really focusing on the Wealth is to IG point like Management I'd

to on attracting on is of to Things increasing lot wealth the right-hand are different the And felt client side which flows the continues and worth it across pleased second there's We IGM a of advisors It's continued clients business. have the basically redemption the be side platform. in at multiyear slide good to clients bit And been But they that from first a really the just a this years then coming of rate. and Wealth left-hand new part used And flows was presentation. strong, year to really, we their through this have a difficult continue on investment that great grow. platform July, of been an new talked And the net very platform as a bands, building. momentum new including And we rate to joining solid, very advisors page, into mass about affluent quarter this got the with you've for clients higher had at journey. number IG how contributing. and it's news. And be and into that highlight just changed.

on well think platform the in their rated by on I the and been of surveys IG that different some highlighted call advisors. advisors they're of getting Wealth how marks has IGM the

with Greg made a But in happening. of was Wealth, GBL, the And We're tech a the made they've the healthcare with on stuff they May during big execute they're so private good investments at continuing quarter, rotation acquisitions earnings in announced sector. shareholders. Their in of for continuing is of related and the their progress up XXXX. to on IGM to to IG marks space particular. and make a returning this pleased the strategy lot really dividend year mentioned the to capital couple actually and and lots

So continuing around private cash -- increase notwithstanding they to are GBL getting we're noise from the marks. of some earnings the the

businesses announced and being lighten to source a talk actually intensity standalone of cash. just a of liquidate, focus time we the our going put standalone the what time. Page done and we monetize to on we it. of that on realize been to reflected that work were questions And we of to we here less the model XX toolkit. could over been at and actually capital-light as lot capital flip it way model. I'm on create we But our we've And the have I'm and capital lot happy capital move we for about assets have were Okay. didn't anticipated looking we businesses the to At the as reorganization try source of thinking the actually discuss. and of we've subsequently we've wherever a activities, can a would as in that's reasons mean have to other a But than the doesn't tools

And pending start here in our X billion to interest in get then at example got notable has and cash the another a another of about so CAMC going source of of still you Wealthsimple, closed capital is you've But that see we this table the most XX those on money opportunity from to course. the being cash we're the that being numbers. go are point. not is having the And IGM the and of sale of XXXX -- pre-tax to Sagard through through XXXX, of some an sell $X Page transactions, fund, an took what you'll off at series to

to a we've capital. This of in steps seed So not reconciliation. in taking We a been lot platforms is do actually the here and invest monetize the assets.

the back that, bulk And bought billion. of same -- course, And but of part we the announced program, that increase the shares, participating Obviously, $XXX of public X% float, capital to Page X.X% impacted dividends was current in active an our last And But cash. at management this you of statement November. because million. of not returned are bottom cash biggest as And billion we are XX, of example also create just that, steps to were of also then to the of more of is adding of I so the aware. really XXXX, dividend XXXX, the buyback it shareholders. X.X has this the by up just is of think is we action on position. all in kind the a about the the taken $X.X And we is XXXX, back the page of going kind

there. of continuing make been little good to standalone vehicle remains up lot keen their the over So Lion on perspective electric supply very you by but though they're building a affected points progress. XX, got year out speaking the we've what issues businesses, the make space, on Lion, good in to. less Page are healthy. markets some Even that's been different chain a continues to talking business. quite business last has the progress their and a Lumenpulse capital half,

going to do value. opportune. what's partnered to strategy So Power we've Corp. for to the and teams do deadline with we businesses. right to a for value what's right realize We're right when XXXX. Corp. in businesses. head have from all is have which We're We management will Power shareholders going these by And ultimately, time support partners, late these a the do of and for gun in going shareholders. right our reorganization, to businesses us not to said time need we to our do going which time the realize we most We're support right announced the the good businesses. to along a those growth for we our And other what's we're the to we and changing the prior continue the

Okay.

some trying got to mentioned, a in then continue we there's third we're clarity businesses, on Page to It's So for you've carry disclosure. going I'm get in including to XX. is our the lower the And the enhance the in on here, P&L down progress. on But businesses. earnings continue just -- disclosure fee-related these left-hand greater work which Greg to corner line. to

little more one-times the So the million -- expenses, fees fees not line even going X there. on less the of in the running mentioned, point. as carry and we pre-tax -- a as And you quarter. profit a then that's the Sagard fees, There's business That's where at bit have there performance carried is some management in including thinking basically get probably the funded got to break you of there. are basically not we this or Greg fees some also Corp. And you of AUM. on that the put that. negative unfunded, at then during get the fee-bearing AUM right-hand But, see the the which the corner, AUM trying on on portion Power are and The of course, are lower also this and capital. emphasis is you fees,

have get amounts, committed Sometimes some -- There's not yet. also on value. initial some that the the, been so carrying on private there's funds, funds paid like that not the work to equity you of have the been put

you're continued that for Canada. continuing Sustainable good agri-food stages. understanding point. equity fund overall Canadian fintech closed which initial launched fundraising just raising continued good one a and fee So businesses the make enhance difficult million fund progress is of you. in and XXX to that's late-stage when looking greater at bullet was line, fund, are you've try fee-bearing up private sustainable the Power Sagard all On we're private Portage capital The to our the get most notwithstanding message continuing their to XX, disclosure on market, got at to Page and in equity is is important the the progress. last here, and capital good the on

has very the the So a is selection both the the that because we've Corp. market, to to strategy. that weakness outperformed Sustainable Chinese and their allocation back on the this security in took XX. team good And capital on in and Page I our well, now that a not quarter similar Continuing And good capital original over Greg in strategy China in strategy Power many in capital done Power many, one markets alluded market Page the the the had to put the in XX, years. asset has there. we has is losses in for say, positions with this China And just XXXX realizing move been Power the notwithstanding progress seed businesses on their during decisions. it's just

strategies, comment breakdown its Wealthsimple position. around on fintech attention taken taking to -- a on Just we're our group's

Just our strategy. reiterating, we're fintech just delighted with

As subjective ago, where from, coming started it many six, we the with of was five more this amounts what a that the view where financial window for not it, investments; we've well. in visibility, about in years said and into it's space shareholders other and put of world. about businesses. and Portage of Capital, services. of And teams group, was significant we well top made really from seven happening strategy it's back leadership then knew speed top and up main different point But get cared we're around LPs, worked change, we our to on Personal happening its times, that and had LPs, the was impacting we the our of financial both been That's We those money and top And were the management has but the of for by succeeded the of success. around has for we other technological technology outcomes primarily group really make delighted and also to services it of verticals on sure what group senior way, on the where in And Wealthsimple on and getting done only significant point. top is operating was were was huge a our it. with of our two

and been grew assets we've build to over its comment creating just ChinaAMC, business it what to at difficult year, profit market the first forward, really in on discount. in strategies. business assets been the well. on The the progress then then at Page its is continued a a So and on our XX, good And very has driving really has of pleased months forward, comment its doing ChinaAMC. six fintech its And

XX, to we doing understand source to continue continue additional as what's an turmoil, been been value agenda et should we line of discount. going make taken time, It bumps you on simplify have narrow the Page in drop market a page go of we that's from but and our get on say straight the the and almost our cetera, ESG on of touch Through time off market to we the companies our that and that front we we're execute. the moving it as papers, strategy has across in value -- the that able be be to be, in like to to that and very to well good it's execute We to continue all that the focused communicate as doesn't part geopolitics, forward should what there still drivers on ESG course the businesses. continued always continues progress. And depending the model get to continue of initiatives board various and that market believe every pretty but our

the been And making. right So We've a following. note XX We've on to lots I'm pleased opportunities say to just But our we're to it. this then on continue now with theme got strategy. playbook got following And playbook. We're that. we the changed haven't progress I'll Page forward. that wrap that is drive up have is of execution-execution. The to we

the stop of will the presentation we questions. and it I to turn part that, formal can with So

from the for who questions. open have questions Operator? ask the people would to I up lines So operator

will [Operator we gentlemen, and Instructions]. the session. begin now question-and-answer Ladies you. Thank

Kwan Capital from comes ahead. go of Please question first RBC The Geoff Markets.

morning. Good Hi.

morning. Good

of closing half when My that into at deal. year, slipping first If recall start was it be first sometime IGM more this late the maybe on quarter, deal QX. the announced the year. expected the of last was the the may even this mentioned question than ChinaAMC in was week I

delay that's not even is what completed? for may the deal from wondering the being And deal what's So get just the the changed that likelihood approved? causing

question, so good Yes, Geoff.

cause basis the China of basically that provided we changes we goes re-filings at June closing couple then changes in the right. on be of in change a the changed just earlier. on There's X, the had existed times. in nature different And waves We time quite that delay beast rules their of You're announced regulations it's the have of information that the -- anticipated [ph]. is was that regulation. lot And that would that -- on of caused the a of

it. had and Nothing just to or ChinaAMC transaction So us what to or there's this any to understanding, that to file Greg, longer rules of change. at information I of different no to found to are or filings did originally some color It nothing all And I'll to us. do And ask related or answer we've provide question taking or to that's a new specific to the accurately, confirm and and We add Greg think sudden, that was was re-file you Power, I my time. I specific we IGM information still because Did was adequate. want pending. the miss that? something? had to all

you've was change thought during expected. Chinese that I a anybody There New think I Yes. don't the it. got Year

everybody was later or an in addendum of out and regulations. that then And set June, a So was new after from regulation there to a Chinese New new there returned Year, it. came

modernize regulatory so to with the of asset managers country. And is regulation changes regime's its respect part in the it to

this lot just part its As and you in that. with opening services been change of there's is financial know, market, of and China a up respect parcel to

I us moving So from transaction. is that the don't anything see on preventing forward

able mention Are changes, the an there's not Okay. what elaborate to was you addendum? to like regulatory

you let I'll the you take that want extent Greg, to to.

amount the financial that be information, with Their elaborate. quite a type laundry have statements Geoff. to quite filed, it's the list, to the filing, requirements they're Yes, of filing respect of

Okay.

nature. technical It was in very

gather. So I

it of of strategies percentage investors, do that other we platform? commitment perhaps business? whatever up had do or ballpark in is question about how co-investments alternatives the do there you you think amount I commit in was Second dollar like of as of of think you the kind LP This in this strategies part have wind terms you question terms just make, want of aggregate -- to to the to kind we want is an that the your launching your

about that a of time That's a one spend the amongst we and great ourselves lot and with question, platforms. talking

and be trying not depends. to So evasive, I'm it is, the answer

when launch you investors being it's and commitment. product the new the party gone sponsor a real by Corp. strategy time So first the has show a expected a to is Power out, third

the So community, to off think of of X, didn't really a itself. to fund money community power be we first By needed it fund's lot investor third the launch Portage third LP for ground. order big fund, investor fund. we The track to in to time in, to got a record the the get spoke need the a put the

it's overall our requires come it, and when team? I capital initial fund track know we have an efforts good market our record on Then whether earnings. to commitments. things don't going would investment relative how I That a get values that all don't we're and returns produce can the or of different, that an minimize know equity of fully at it's got in returns more whether much Because to what's the capital our commitment. good that to goal to investing So articulate fund our how be LP much, commitment. debt notwithstanding fund, be the

to we're do to our returns good building minimize But And so we capital business we're going the so. out to trying the profitability. commitment and -- we on capital are get while committed get to we we're to think

not trying time waves. some going But putting At times And out. capital to put that introduced, so way. capital you're every in. discussion so there happens here it we are it be we of asked the kind new in fund launch. are more a balanced to the it other in. And more that's and We're more that some pretty some years, that time goes are years taking trying they We're putting on through more the over you're run to there's run products to a

Geoff, So, of if a giving don't that's sense I it. know you

capital if I as and here. think our that you supporting change capital we're we're NAV Power time bottom same the businesses our to mix, line at and go less to businesses trying in we the putting will, support and grow to is the earnings have the while platforms, to at driven more more minimize -- position margin, driven at through Corp. time we're

Thank perfect. you. Okay, that's

you. Thank

you. next of question Securities. go The from TD Please comes ahead. Ryding Graham Thank

Hi, Graham.

mute on morning. was Apologies. Sorry, Good there.

the assuming buybacks, or does think in your plans share proceeds support million pre-tax, there of of your what ChinaAMC, that should would With with with sort that? Just deal through the be go that? cash for XXX further IGM, be we about how

The Yes. Good Greg? I question. disclosure. thought number, of have of the I have Do in we have we to disclosed after-tax had? my terms head. we the in I ahead number is our want get number we disclosed, don't proceeds? just what think that

is about tax. it's XX million think the I Yes,

to knew it. got here. of I number. inadvertently didn't our get just the XXX, disclosure I want ahead

is And estimated. are shares which is it XXX is buying from at look financially reasons. opportunities of at playbook. our trading number the is subs So we've doing are that we're a we looking is the also off, Graham, time from we'll back But And what time. for time proceeds, at at the after-tax What looking different answer time. our And go-to always attractive to is different to time. opportunities

our stating the playbook question. managed do, that buying level want But go-to supporting to just principal trading playbook. over hope question create our Those expectations of I something would buying and So back that shares off the minimum and our don't always the way. want that prioritize the that shares back, some I'm shares absence but answering opportunity might is to either -- subs services. in business in back. came or they cash at we've Power buy answers to we're up buying But financial be the priority. level go-to that, would be priorities would that your I be was

in helpful. addition to is feeling they're shares buybacks reflection way Is because year-to-date. you're active view with at sitting some that capital? you on or that's undervalued that like of you are capital, think the to just trading deploy that's a are your been you've on worthwhile a or discount Yes, it a And just your excess you NAV

that part say we're is And would that we're why do. I just the makes of we question. following what going said second sense your to

In wasn't markets we so buying much buy down, my back, that, the it should goodness, shares. of Oh some terms

dividends through manage program minimum going super back through period, buybacks. we source remember, to a had we all until cautious the major and dilution our And way were aggressively the OSFI cash, fall when doing are we nothing of buying to the say, ultimately you being okay, on As tried XXXX Great-West COVID, Like on off stopped and okay, had COVID get said, turned options. can from for back shares. is the market dividend that financial the pulled institutions, the to increases into event we restrictions on was basically But that. which in us Life special

NAV an So a or of particularly fact us, think fact XXXX typically, that's asset buy of around, buy at margin thing. we Life is so we not our back if XX% the divestitures. Great-West you that kind We an been our is earnings. of dividend Corp. IGM, our weak about we showed to oversimplify, the the just through that if we based. to And that's a the sell that. from the that's at and in we simple, NAV, that of as happens Because at a and XX%, either And -- of increasing growth do to see services we if Power, that good I being a when I'm a thing but perspective NAV them -- arbing discount value an been the -- happening What that shares was are the part we at first bunch [ph] lot we're back. the coincide time company then I of turn that but We're it, our whatever other part shares and selling it's has of them and based. is NAV, value is related sell buying in asset for went to assets, comes hadn't But you about that buying page XX rest it, earnings shares on was that more Page and the bought based. Power asset non-core XX% but every percentage the happens non-financial our but it with the we've really market, most from back, about of

to at you $X.XX, buying what NAV value $X.XX. buying at increasing actually you're buy you you $X, that back at that you're So sold. And earnings an then the XX% stock you're asset sell when stock spending relative is of at back

doing math So I'm there. just little financial you with a

arbing we of the the back, shares but As time slowly, actually buy but NAV. meaningfully versus earnings more discount the mix we're very also changing over

to one -- absence subs us think they where right finance in that's it, our a ask some of the transaction good we it's So of of capital our doing now. use

focused. venture Portage, Okay, were they that's your fair. if fintech And stage could. late last I ones, This fund then different previous more a one, just seemed little than a

for you are what here that late makes whole you So think in there's fund? the focus a niche seeing stage, [ph] opportunity more market

with into profitable, to on necessarily ready has to stage trade ourselves, years venture not a in needing that and the get because to of lost on where to to money of cash lot the on flow last whole experienced markdowns going some four but we've now the fintech are been of be the companies of and momentum three, jump themselves having A not in the rolled lot capital where investment. positive, they're a they're yet their having point values, that bunch the capital

smells an So network venture late stage, say the but the seeking later they're they're That Portage opportunity are fund later take I our to companies to that use is that is -- expertise stage to that venture. opportunity still and stage of. when our advantage to us, team

Okay, understood. to too here or size --? Any targeting you're that early

be We to that. on the public at would do in that Greg, can get tongue? domain. That your tip have of you you back probably the

yet domain Jeff. target [indiscernible] I be, the that will don't know public in it's

that's on it's fulsome but know I think available. that we'll disclosure, when certainly that come, you still let Graham, the more

That's me. for you. fine. Thank That's it

you. Thank Okay.

comes The Capital Thank go you. from Please Markets. Priebe next question Nik CIB ahead. of

see sale sale on interest year. like other secondary hanging front any it's or platform just page questions, the might the one fruit the a Okay, the that little presentation the sale had the over whether a there over low advance various that is to of a trying capital next business? the to making roadmap the some I'm you increasingly made businesses, time. progress highlighting as Maybe to LP you further, in of look bolt-on you've of in across thanks. standalone understand you dedicated that look to of earlier what a light When

world we're of to sure to launched in but being answer, value cash, question, a and and way you creator. be it's order became thought and case, It's I'll terms give looking got the we Nik, that, give able strategy just be support business realize part a to took in and more Lumenpulse, When developed. said, which not really And EV Lion on these of standalone a at light, vehicles, source third going sudden fee to the move good impacted. by got business to way can. ultimately we going to of to little love going of businesses, I on very a business meaningful be a of some off, hadn't that, I'd try COVID a good example. of stage all it very, to to we got was the we're a a focus into look its electric a based move a their But where actually major got worked lot bit to done party and out. going raise our and We capital from we're capital to capital which

to but longer. opportunity, take bigger going So

XX. an it. got fund X playbook. And our funds really But we fundraising Page became secondary in would so strategies, sell be opportunity. Wealthsimple Sagard liquidate, we that in is We'd an but by We They of our capital, small financing, didn't the that's didn't X, raise that but standalone were an have for some on that interest in a businesses, there's GP X. out playbook they interest fund to which such part have doing opportunity did be a secondary.

approach of I you variety to overall this kind the But say have can't I know across don't just wide So give trying to assets a to I'm that. be not that to realize to been I'm roadmap cash. looking opportunities where on know so. of just an we example pretty do I a guess sold going you look and have we forward, can't be I this going be? do or opportunities for that sold. if that's I give going we tell are that can with sorry you the think way point. at we to that's is helpful. But we'll an

one I taking cash, two only in level. ChinaAMC, strategy ChinaAMC cash you with Great-West we're predicated but love and we're right as it got mentioned trying back place to not the half simplification the really that. of of get And Life can raise one to kill not make it terms better raise work proceeds Power but And does get value you where out furtherance of you kind opportunity taking so say And out have you which that well then lo your another We'd and behold, to on ChinaAMC in there places. is all economics the half to it of On in recognition. birds capital, Power's of stock, to was sense two simplification, the stone. where in in it belongs, at

manage is anything. probably actively of capital environment to over around realize through way we for chasing -- opportunities. we just period and have The period tell we we you. That don't that conducive than right transactions realize a through go was XXXX. where Maybe the XXXX. looking Maybe is we'll now the selling period We're here running don't in it this. we'll an caution assets a where less not down go been it lot. of I had So can't the being overall is market's a tone

So note caution, that's of a bit Nik. a of

ChinaAMC Fair of example a is enough. that. And good

party which front, what a third an fundraising Sustainable us give to On I historically the update bit specifically, Power third think outlook looks or with party appears respect are just like capital, be demand to it have for the those been advanced update strategies you let's call less on able just reliance I'd for in an on assets. their strategies? how on the interested healthy scaling

is really equity sheet, energy an that the realm question. the great strategy. then Power China And built for Power's had both Yes, balance existed been within for sure, Sustainable which strategy the capital strategies own and the infrastructure,

now every great early the with races to investors capital. They start track There's I raising right? money by uncertainty is the into But market. right of not the if So list, at third China putting top off party record. around China, got

will of not be that's But ones And projects, the so could area So those early a time. and And successful raise, a underdevelopment, energy, could that the for were wind extent, and you Greenfield put an not fund. into that some to exactly that we and that we think now. right hottest were still if portfolio assets over are, such they example. solar necessarily you were at had stage,

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Nik. Thanks, Okay.

go Please of Young next comes The you. Desjardins. from ahead. Doug question Thank

morning. Good Hi.

Good morning.

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Greg, you're that? take going to

Yes, sure. for

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Okay.

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my that question. answers then so second Okay,

you Jeff, on Maybe, bigger picture. to Okay.

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long So way you, but the it. too maybe about answer, we is long that for think

the I you. appreciate color. Thank

Thank you very much.

Tom MacKinnon next Please go ahead. of Capital. question The comes from BMO you. Thank

Jeff Yes, question, for Greg. and taking good and my thanks morning,

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Thanks the Okay. colors. for

Thanks, Tom.

go TD next Graham Securities. Ryding question comes you. Thank Please The ahead. of from

X% business I some themes. Yes, gross a focus also talked simplification of services, about for you on your less about then but looking greater of It's GBL. own and I value, to earnings, just focus financial the revisit you sizable if asset and of just sort wanted question, to talk follow-up Jeff, a investment you, wanted could. on of sort NAV. a

can that. an of about we It's should those think themes. of sort revisit Maybe how So with fit obvious GBL? sort we

Yes.

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get the strategy. wanted it view that's of you. helpful. on overall sort just I with to Thank how fits updated But

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add listening. that, still if I'll Tom, So you're

you. Thank

I'll that well. X.X the billion right. million It's as you're AUM in just but clients, XX add

CEO a Boy, start off when already. was my on picking day quite place decimal up to week's CFO. Greg, the a a great the

years XX ahead. thinking I'm

right. All more Operator, questions?

Capital of ahead. [Operator Please you. Kwan Geoff next Instructions]. comes go The Thank Markets. from RBC question

Hi.

arms. example, other private whatnot proprietary maybe a Just have wealth different that one something distribute do? are that looking for that you'd number looking got managers their through follow-up number question. -- management you've strategies, [indiscernible] of those to whether perhaps management a given alternatives relatively that Power to iterations them it funds have for retail before to wait Is channel? through distribute new wealth of is seen those future We've maybe So of your funds equity or looked is

that. with whatever appropriate portfolio an portion because the the that they to say are IGM. see kind to And I sense. if and within its there's Corp. can examples, we'll you'll what you got products, program at that to product who's Power mass Life Northleaf with our Capital can over an Great-West time. where got they'd through see embedding think about that's of terms Sagard, asset want multi-asset others, they making they haven't make it of Sustainable to in in got in to be they're our distributing if to examples teams might group discussions portion investment. are, investor a But of hard that market allocation back on affluent teams I where assets alt, -- of second. definitely got invested program that the platforms to In a And am -- come access and that of product, But and at Greg of IGM particularly think trying going direct can Power is get working some But on you Northleaf I there think product to in with across look terms and may you of how in it that I'm kind I be kick strategies, you are be of be not that retail

feather but non-liquid groups business and the know So who are much kind buying I sure that's have I been those other asset their to pretty add want anything who to do a you to capabilities through said can't in looking articulate to some the liquid what focus. into, strategies distribution, management prop, And in question? all its Geoff's in are and of there. I'm Greg, of names I answer

right are their been so. that And you're think mind looking But already is I like product No, major I type of that opportunities. went our like don't through that's others exploring only channels to not own like think as their Mackenzie efforts. my those with quite and distribution Northleaf, of distributors our provide were, certainly type manufacturers, this well where relationship to

Thank you. great. Okay,

you. Thank

call that your for no disconnect are participating you. and lines. at this This there We you ask today. thank and please questions time. your you gentlemen, conference further concludes Thank for Ladies

Thank you.

now. everybody. Thanks, Bye