Power Financial, the Canadian parent of Putnam Investments and Great-West Financial, has invested an additional $37 million in Wealthsimple, a Toronto-based robo-adviser that is expanding in the U.S.
This additional capital infusion doubles Power Financial's initial $37 million investment in Wealthsimple, according to a story on TechCrunch.com.
Wealthsimple, which has more than 30,000 clients and $750 million in assets under management, has no account-size minimums and charges a fee of 0.5% of assets under management. It doesn't charge for trading, account transferring or rebalancing. It also provides access to financial advisers.
Wealthsimple CEO Michael Katchen said the company's goal is eventually to go public.