WINNIPEG, MB, Feb. 5, 2024
/CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported
preliminary total consolidated net outflows of $232 million during January 2024 as shown in Table 1. Total assets
under management and advisement were $241.2
billion at January 31, 2024,
compared with $240.2 billion at
December 31, 2023, and $233.2 billion at January
31, 2023(1). Assets under management and
advisement are shown in Table 2.
JANUARY HIGHLIGHTS
IGM Financial – Assets under management & advisement
of $241.2 billion were up 0.4% in the
month. Total net outflows were $232
million compared to net outflows of $211 million in January
2023(2). Investment fund net redemptions were
$514 million compared to net
redemptions of $401 million in
January 2023(2).
IG Wealth Management – Assets under advisement of
$121.9 billion were up 0.6% in the
month. Total net outflows were $268
million compared to net inflows of $30 million in January
2023. In January 2024, the IG
Wealth Management pension plan redeemed $177
million from IG Wealth Management mutual funds that was
re-allocated into a Separately Managed Account managed by
Mackenzie. Excluding this activity, IG Wealth Management net
outflows were $91 million in
January 2024.
Mackenzie – Assets under management of $196.1 billion were up 0.2% in the month.
Investment fund net redemptions were $173
million compared to net redemptions of $231 million in January
2023. Total net sales were $37
million compared to net redemptions of $241 million in January
2023. Excluding the IG Wealth Management re-allocation
described above, total net redemptions were $140 million in January
2024.
Table 1 - Gross and
Net Flows
Please see
www.igmfinancial.com for file with trended history.
|
|
|
Wealth
Management
|
|
Asset
Management
|
|
($ millions)
(unaudited)
|
IG Wealth
Management
|
|
Mackenzie
|
IGM
Financial
|
For the month ended
January 31, 2024
|
|
|
|
|
Net
flows
|
|
|
|
|
|
|
|
|
|
|
|
Mutual fund net
sales
|
(341.6)(5)
|
|
(226.5)
|
(568.1)
|
|
ETF net
creations
|
|
|
53.7
|
53.7
|
|
Investment fund
net sales
|
(341.6)
|
|
(172.8)(3)
|
(514.4)
|
|
Institutional SMA net
sales
|
|
|
209.6(4)(5)
|
209.6
|
|
Managed asset net
sales
|
(341.6)
|
|
36.8
|
(304.8)
|
|
Other net
flows
|
73.2
|
|
|
73.2
|
|
|
|
|
|
|
Net
flows
|
(268.4)
|
|
36.8
|
(231.6)
|
|
|
|
|
|
|
Gross
flows
|
|
|
|
|
|
Mutual fund gross
sales
|
1,243.6
|
|
742.8
|
1,986.4
|
|
Dealer gross
inflows
|
1,179.3
|
|
|
1,179.3
|
Table 2 – Assets
under Management and Advisement
|
($ millions)
(unaudited)
|
January
2024
|
December
2023
|
% Change
Last Month
|
Wealth
Management
|
|
|
|
IG Wealth
Management
|
|
|
|
Assets under
management
|
108,153
|
107,635
|
0.5 %
|
Other assets under
advisement
|
13,742
|
13,588
|
1.1 %
|
Assets under
advisement
|
121,895
|
121,223
|
0.6 %
|
|
|
|
|
Asset
management
|
|
|
|
Mackenzie
|
|
|
|
Mutual
funds
|
56,515
|
56,408
|
0.2 %
|
ETFs
|
5,509
|
5,507
|
0.0 %
|
Investment
funds
|
62,024
|
61,915
|
0.2 %
|
|
|
|
|
Institutional
SMA
|
7,673
|
7,367
|
4.2 %
|
Sub-advisory to Canada
Life
|
49,593
|
49,665
|
(0.1) %
|
Total Institutional
SMA
|
57,266
|
57,032
|
0.4 %
|
|
|
|
|
Total third party
assets under management
|
119,290
|
118,947
|
0.3 %
|
Sub-advisory and AUM
to Wealth Management
|
76,854
|
76,758
|
0.1 %
|
Total
|
196,144
|
195,705
|
0.2 %
|
|
|
|
|
ETF's distributed to
third parties
|
5,509
|
5,507
|
0.0 %
|
ETF's held within IGM
managed products
|
7,379
|
7,407
|
(0.4) %
|
Total ETFs
|
12,888
|
12,914
|
(0.2) %
|
|
|
|
|
Total
|
|
|
|
Assets under
management
|
227,443
|
226,582
|
0.4 %
|
Other assets under
advisement
|
13,742
|
13,588
|
1.1 %
|
Assets under
management and advisement
|
241,185
|
240,170
|
0.4 %
|
Table 3 - Average
Assets under Management and Advisement
|
|
($ millions)
(unaudited)
|
Quarter to date
2024
|
Wealth
Management
|
|
IG Wealth
Management
|
|
Assets under
management
|
107,651
|
Other assets under
advisement
|
13,636
|
Assets under
advisement
|
121,287
|
|
|
Asset
Management
|
|
Mackenzie
|
|
Mutual
funds
|
56,282
|
ETFs
|
5,460
|
Investment
funds
|
61,742
|
Institutional
SMA
|
7,520
|
Sub-advisory to Canada
Life
|
49,627
|
Total Institutional
SMA
|
57,147
|
|
|
Total third party
assets under management
|
118,889
|
Sub-advisory and AUM
to Wealth Management
|
76,824
|
Total
|
195,713
|
|
|
ETFs distributed to
third parties
|
5,460
|
ETFs held within IGM
managed products
|
7,394
|
Total ETFs
|
12,854
|
|
|
Total
|
|
Assets under
management
|
226,540
|
Other assets under
advisement
|
13,636
|
Assets under
management and advisement
|
240,176
|
1
|
Sale of Investment
Planning Counsel closed on November 30, 2023. Including Investment
Planning Counsel, IGM assets under advisement were $259.5 billion
at January 31, 2023.
|
2
|
Including Investment
Planning Counsel, IGM reported net outflows of $175 million and
investment fund net redemptions of $423 million in January
2023.
|
3
|
Investment fund net
sales exclude ($121) million in ETF net creations to IGM managed
products and $11 million in investment fund net sales through the
IG Wealth Management (IGWM) segment.
|
4
|
Excludes sub-advisory
to Canada Life and the Wealth Management segment.
|
5
|
Includes a $177 million
redemption from IG Wealth Management pension plan that was
re-allocated to a Separately Managed Account managed by
Mackenzie.
|
Glossary of Terms
Assets Under Management and Advisement (AUM&A)
represents the consolidated AUM and AUA of IGM Financial's
core businesses IG Wealth Management and Mackenzie Investments. In
the Wealth Management segment, AUM is a component part of AUA.
All instances where the asset management segment is providing
investment management services or distributing its products through
the Wealth Management segment are eliminated in our reporting such
that there is no double-counting of the same client savings held at
IGM Financial's core businesses. AUM&A excludes Investment
Planning Counsel's (IPC's) AUM, AUA, sales, redemptions and net
flows which have been disclosed as Discontinued operations.
Assets Under Advisement (AUA) are the key driver of
the Wealth Management segment. AUA are savings and investment
products held within client accounts of our Wealth Management
segment core businesses.
Assets Under Management (AUM) are the key driver of
the Asset Management segment. AUM are a secondary driver of
revenues and expenses within the Wealth Management segment in
relation to its investment management activities. AUM are client
assets where we provide investment management services, and include
investment funds where we are the fund manager, investment advisory
mandates to institutions, and other client accounts where we have
discretionary portfolio management responsibilities.
Mutual fund gross sales and net sales reflect the
results of the mutual funds managed by the respective operating
companies, and in the case of the Wealth Management segment also
include other discretionary portfolio management services provided
by the operating companies, including separately managed account
programs.
ETF's represent exchange traded funds managed by
Mackenzie.
Institutional SMA represents investment advisory and
sub-advisory mandates to institutional investors, pension plans and
foundations through separately managed accounts.
Other net flows and Other assets under advisement
represents financial savings products held within client accounts
in the Wealth Management segment that are not invested in products
or programs where these operating companies perform investment
management activities. These savings products include investment
funds managed by third parties, direct investment in equity and
fixed income securities and deposit products.
Net flows represents the total net contributions, in cash
or in kind, to client accounts at the Wealth Management segment and
the overall net sales to the Asset Management segment.
Wealth Management – Reflects the activities of
operating companies primarily focused on providing financial
planning and related services to Canadian households and represents
the operations of IG Wealth Management (IGWM). IGWM is a retail
distribution organization that serves Canadian households through
their securities dealers, mutual fund dealers and other
subsidiaries licensed to distribute financial products and
services. The majority of the revenues of this segment are derived
from providing financial advice and distributing financial products
and services to Canadian households. This segment also includes the
investment management activities of these organizations, including
mutual fund management and discretionary portfolio management
services.
Asset Management – Reflects the activities of operating
companies primarily focused on providing investment management
services, and represents the operations of Mackenzie Investments.
Investment management services are provided to a suite of
investment funds that are distributed through third party dealers
and financial advisors, and also through institutional advisory
mandates to pension and other institutional investors.
Discontinued operations - Reflects the activities of
Investment Planning Counsel. On April 3,
2023, IGM Financial announced the sale of 100% of the common
shares of Investment Planning Counsel Inc. for cash consideration
of $575 million. The transaction
closed on November 30, 2023.
IGM Financial Inc. is one of Canada's leading diversified wealth and asset
management companies with approximately $241
billion in total assets under management and advisement. The
company provides a broad range of financial planning and investment
management services to help more than two million Canadians meet
their financial goals. Its activities are carried out principally
through IG Wealth Management, Mackenzie Investments and
Investment Planning Counsel. IGM Financial is a
member of the Power Corporation group of companies.
SOURCE IGM Financial Inc.