The firm is now offering direct-to-client option alongside deposit broker network
Long-established Canadian mortgage investment company MCAN Financial Group has announced a strategic expansion of its services and a new investment opportunity for individual investors.
Under the brand MCAN Wealth, the firm is now offering a digital Guaranteed Investment Certificate (GIC) channel. As a 30-year member of the Canada Deposit Insurance Corporation (CDIC) the firm has around 7,000 GIC clients through its Deposit Broker network, but the new channel opens up a whole new pipeline.
"The growth of MCAN Wealth and this new direct-to-client channel represents our ongoing commitment to innovation and client-centric solutions. We believe in empowering individuals to invest in their financial future," said Don Coulter, MCAN Financial Group's President and CEO.
MCAN invests in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction, and commercial loans, as well as other types of securities, loans, and real estate investments.
The TSX-listed firm has a suite of GIC products and says that its MCAN Wealth platform is user friendly and offers competitive rates and security. The products are eligible for CDIC Insurance.
Growing business
MCAN Mortgage Corporation d/b/a MCAN Financial Group reported net income of $18.5 million ($0.53 earnings per share) for the third quarter of 2023, an increase from net income of $11.7 million ($0.37 earnings per share) in the third quarter of 2022.
Corporate assets totalled $2.67 billion at September 30, 2023, a net increase of $384 million (17%) from December 31, 2022.
