Grow Richer: Focus on Commerce
Look at the numbers: Winnipeg’s financial services sector is one of the largest in the country. It employs more than 21,600 workers and contributes over $5.4 billion annually to the provincial GDP. It encompasses banking, leasing, insurance, securities, mutual funds and venture financing. Some of the biggest names in the business are headquartered here.
IGM Financial Inc. is one of the largest mutual fund distributors in Canada. Investors Group (part of the IGM Financial group of companies) and Wawanesa got their start—and have stayed—in Manitoba. National Leasing, with offices across Canada, is one of the largest businesses in its category. And Great-West Lifeco, an international financial services holding company, is also based here. Its Canadian operating companies—Great-West Life, London Life, and Canada Life—serve the financial security needs of more than 12 million Canadians and employ over 3,100 people in the province.
If you have a focus on commerce, opportunities grow richer in Winnipeg.
Winnipeg is one of just seven cities in Canada with a competitive financial services sector. And as one of North America’s most cost-effective cities for financial services operations, Winnipeg is an ideal location for financial services firms looking for a location from which to serve the world.
Canada is one of the world’s leading centres for offshoring and nearshoring of back-office operations and Winnipeg has been ranked the third most cost-competitive location for contact centres and back office outsourcing in Canada. Winnipeg’s financial services firms operate extensive contact centre and back-office financial services functions in Winnipeg.
- All of the ‘big six’ Canadian banks have significant operations in Winnipeg. These institutions manage combined assets of $4.3 trillion.
- The four largest non-bank financial services firms in Winnipeg manage combined assets of more than $400 billion.
- Great-West Lifeco Inc., Canada’s largest insurer, operates subsidiaries in Canada, the U.S. and Europe and manages more than $201 billion in combined assets.
- Finance and insurance services generate 7.7 per cent of Winnipeg’s metropolitan GDP.
- There more than 3,500 financial services establishments active in Winnipeg.
- The insurance sector represents the largest financial services employer in Winnipeg, employing 9,600 workers or about 45 per cent of its labour force.