WINNIPEG, MB, March 5,
2024 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM)
today reported preliminary total consolidated net inflows of
$343 million during February 2024 as shown in Table 1. Total assets
under management and advisement were $247.5
billion at February 29, 2024,
compared with $241.2 billion at
January 31, 2024, and $231.9 billion at February
28, 2023(1). Assets under management and
advisement are shown in Table 2.
FEBRUARY HIGHLIGHTS
IGM Financial – Assets under
management & advisement of $247.5
billion were up 2.6% in the month. Total net inflows were
$343 million compared to net inflows
of $783 million in February 2023(2). Investment fund net
sales were $165 million compared to
net sales of $316 million in
February 2023(2).
IG Wealth Management – Assets under advisement of
$125.4 billion were up 2.9% in the
month. Total net inflows were $361
million compared to net inflows of $488 million in February
2023.
Mackenzie – Assets under management
of $200.6 billion were up 2.3% in the
month. Investment fund net sales were $5
million compared to net sales of $209
million in February 2023.
Total net redemptions were $18
million compared to net sales of $295
million in February 2023.
Table 1 - Gross and
Net Flows
Please see
www.igmfinancial.com for file with trended history.
|
|
|
Wealth
Management
|
|
Asset
Management
|
|
($ millions)
(unaudited)
|
IG Wealth
Management
|
|
Mackenzie
|
IGM
Financial
|
For the month ended
February 29, 2024
|
|
|
|
|
Net
flows
|
|
|
|
|
|
|
|
|
|
|
|
Mutual fund net
sales
|
160.4
|
|
(99.7)
|
60.7
|
|
ETF net
creations
|
|
|
104.5
|
104.5
|
|
Investment fund
net sales
|
160.4
|
|
4.8(3)
|
165.2
|
|
Institutional SMA net
sales
|
|
|
(22.7)(4)
|
(22.7)
|
|
Managed asset net
sales
|
160.4
|
|
(17.9)
|
142.5
|
|
Other net
flows
|
200.8
|
|
|
200.8
|
|
|
|
|
|
|
Net
flows
|
361.2
|
|
(17.9)
|
343.3
|
|
|
|
|
|
|
Gross
flows
|
|
|
|
|
|
Mutual fund gross
sales
|
1,477.3
|
|
910.1
|
2,387.4
|
|
Dealer gross
inflows
|
1,459.8
|
|
|
1,459.8
|
Table 2 – Assets
under Management and Advisement
|
($ millions)
(unaudited)
|
February
2024
|
January
2024
|
% Change
Last Month
|
Wealth
Management
|
|
|
|
IG Wealth
Management
|
|
|
|
Assets under
management
|
111,214
|
108,153
|
2.8 %
|
Other assets under
advisement
|
14,196
|
13,742
|
3.3 %
|
Assets under
advisement
|
125,410
|
121,895
|
2.9 %
|
|
|
|
|
Asset
management
|
|
|
|
Mackenzie
|
|
|
|
Mutual
funds
|
57,952
|
56,515
|
2.5 %
|
ETFs
|
5,778
|
5,509
|
4.9 %
|
Investment
funds
|
63,730
|
62,024
|
2.8 %
|
|
|
|
|
Institutional
SMA
|
7,933
|
7,673
|
3.4 %
|
Sub-advisory to Canada
Life
|
50,446
|
49,593
|
1.7 %
|
Total Institutional
SMA
|
58,379
|
57,266
|
1.9 %
|
|
|
|
|
Total third party
assets under management
|
122,109
|
119,290
|
2.4 %
|
Sub-advisory and AUM
to Wealth Management
|
78,500
|
76,854
|
2.1 %
|
Total
|
200,609
|
196,144
|
2.3 %
|
|
|
|
|
ETF's distributed to
third parties
|
5,778
|
5,509
|
4.9 %
|
ETF's held within IGM
managed products
|
7,728
|
7,379
|
4.7 %
|
Total ETFs
|
13,506
|
12,888
|
4.8 %
|
|
|
|
|
Total
|
|
|
|
Assets under
management
|
233,323
|
227,443
|
2.6 %
|
Other assets under
advisement
|
14,196
|
13,742
|
3.3 %
|
Assets under
management and advisement
|
247,519
|
241,185
|
2.6 %
|
Table 3 - Average
Assets under Management and Advisement
|
|
($ millions)
(unaudited)
|
Quarter to date
2024
|
Wealth
Management
|
|
IG Wealth
Management
|
|
Assets under
management
|
108,627
|
Other assets under
advisement
|
13,788
|
Assets under
advisement
|
122,415
|
|
|
Asset
Management
|
|
Mackenzie
|
|
Mutual
funds
|
56,741
|
ETFs
|
5,544
|
Investment
funds
|
62,285
|
Institutional
SMA
|
7,658
|
Sub-advisory to Canada
Life
|
49,899
|
Total Institutional
SMA
|
57,557
|
|
|
Total third party
assets under management
|
119,842
|
Sub-advisory and AUM
to Wealth Management
|
77,305
|
Total
|
197,147
|
|
|
ETFs distributed to
third parties
|
5,544
|
ETFs held within IGM
managed products
|
7,435
|
Total ETFs
|
12,979
|
|
|
Total
|
|
Assets under
management
|
228,469
|
Other assets under
advisement
|
13,788
|
Assets under
management and advisement
|
242,257
|
1
|
Sale of Investment
Planning Counsel closed on November 30, 2023. Including Investment
Planning Counsel, IGM assets under advisement were $258.0 billion
at February 28, 2023.
|
2
|
Including Investment
Planning Counsel, IGM reported net inflows of $933 million and
investment fund net sales of $347 million in February
2023.
|
3
|
Investment fund net
sales exclude $161 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.
|
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.
About IGM Financial Inc.
IGM Financial Inc. is one of Canada's leading diversified wealth and asset
management companies with approximately $248
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 and Mackenzie Investments.
IGM Financial is a member of the Power Corporation group
of companies.
SOURCE IGM Financial Inc.