The Globe and Mail reports in its Wednesday, Jan. 14, edition that CI Financial's asset management arm is taking over Invesco's Canadian fund business. The Globe's Clare O'Hara and James Bradshaw write that CI Global Asset Management is buying the management agreements for Invesco's Canadian funds, which oversee a combined $26-billion of assets, expanding the lineup of products CI can offer to clients. Financial terms of the deal were not disclosed. Invesco, now based in Atlanta but formerly British, will continue to serve clients and maintain a presence in Canada as it and CI are also entering a long-term pact to have Invesco's affiliates help manage 63 funds with $13-billion under management, providing portfolio management services. Invesco spokesman Andrea Raphael said that as part of the partnership with CI, Invesco will be "reducing its Canadian operating footprint to ensure alignment with the future structure of our business." The transaction adds to a trend of consolidation in Canadian wealth and asset management. Since last summer, Quebec's iA Financial bought independent wealth manager RF Capital Group, and Desjardins Group acquired money manager Guardian Capital Group.