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Canada Life Assurance Co. has launched its new fund management subsidiary, Canada Life Investment Management Ltd. (CLIML), the Winnipeg-based firm said in a release on Friday.

CLIML will be responsible for investment management and primary portfolio manager functions for the Canada Life Mutual Funds and Canada Life Pathways Funds, the release said.

(Excepted are certain fund series that share a corporate class or trust series structure with Mackenzie Investments–branded funds. Management of these funds will be transferred to CLIML at a later date, the release said.)

Canada Life will control CLIML’s product shelf and pricing, and introduce investment strategies and solutions through the management company, using third-party fund managers worldwide.

“With our own fund management company, we’ll focus on building strong partnerships with leading investment managers from around the world, while designing and delivering quality investment products and portfolio solutions, tailored to the changing needs of our customers and advisors,” said Steve Fiorelli, senior vice-president, Wealth Solutions, Individual Customer, with Canada Life, and CLIML’s CEO.

In August 2020, Canada Life’s parent company, Great-West Lifeco Inc., announced the sale of GLC Asset Management Group Ltd. to Mackenzie. As part of the deal, Canada Life acquired fund management contracts from Mackenzie and said it intended to create its own investment fund management company.

The sale was completed on Dec. 31, 2020, and CLIML began operations on Jan. 1, 2021.