WINNIPEG, MB, Oct. 3, 2024
/CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported
total assets under management and advisement of $264.9 billion at September 30, 2024, up 16.5% from $227.4 billion at September 30, 2023(1). Total
consolidated net outflows were $192
million during September
2024.
SEPTEMBER HIGHLIGHTS
IGM Financial – Record high assets under
management & advisement of $264.9
billion were up 1.7% in the month. Total net outflows were
$192 million compared to net outflows
of $383 million in September 2023(2). Investment fund net
redemptions were $119 million
compared to net redemptions of $544
million in September
2023(2).
IG Wealth Management (IGWM) – Record
high assets under advisement of $136.4
billion were up 1.8% in the month. Investment fund net sales
were $12 million up from net
redemptions of $307 million in
September 2023. Total net inflows
were $69 million up from net outflows
of $168 million in September 2023.
Mackenzie Investments – Record high assets
under management of $212.1 billion
were up 1.7% in the month. Investment fund net redemptions were
$131 million compared to net
redemptions of $237 million in
September 2023. Total net redemptions
were $261 million compared to net
redemptions of $215 million in
September 2023.
|
Table 1 - Gross and
Net Flows
Please see
www.igmfinancial.com for file with trended history.
|
|
|
Wealth
Management
|
|
Asset
Management
|
|
|
($ millions)
(unaudited)
|
IG Wealth
Management
|
|
Mackenzie
Investments
|
IGM
Financial
|
|
For the month ended
September 30, 2024
|
|
Net
flows
|
|
|
|
|
|
Mutual fund net
sales
|
12.0
|
|
(244.2)
|
(232.2)
|
|
ETF net
creations
|
|
|
112.9
|
112.9
|
|
Investment fund net
sales
|
12.0
|
|
(131.3)(3)
|
(119.3)
|
|
Institutional SMA net
sales
|
|
|
(129.3)(4)
|
(129.3)
|
|
Managed asset net
sales
|
12.0
|
|
(260.6)
|
(248.6)
|
|
Other net
flows
|
56.8
|
|
|
56.8
|
|
|
|
|
|
|
|
Net
flows
|
68.8
|
|
(260.6)
|
(191.8)
|
|
|
|
|
|
|
|
Gross
flows
|
|
|
|
|
|
Mutual fund gross
sales
|
972.7
|
|
565.6
|
1,538.3
|
|
Dealer gross
inflows
|
1,043.6
|
|
|
1,043.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2 – Assets
under Management and Advisement
|
|
($ millions)
(unaudited)
|
September
2024
|
August
2024
|
% Change
Last Month
|
|
Wealth
Management
|
|
|
|
|
IG Wealth
Management
|
|
|
|
|
Assets under
management
|
120,788
|
118,572
|
1.9 %
|
|
Other assets under
advisement
|
15,620
|
15,363
|
1.7 %
|
|
Assets under
advisement
|
136,408
|
133,935
|
1.8 %
|
|
|
|
|
|
Asset
management
|
|
|
|
|
Mackenzie
Investments
|
|
|
|
|
Mutual
funds
|
60,951
|
60,078
|
1.5 %
|
|
ETFs
|
6,868
|
6,659
|
3.1 %
|
|
Investment
funds
|
67,819
|
66,737
|
1.6 %
|
|
|
|
|
|
Institutional
SMA
|
8,079
|
8,016
|
0.8 %
|
|
Sub-advisory to Canada
Life
|
52,608
|
51,681
|
1.8 %
|
|
Total Institutional
SMA
|
60,687
|
59,697
|
1.7 %
|
|
|
|
|
|
Total third party
assets under management
|
128,506
|
126,434
|
1.6 %
|
|
Sub-advisory and AUM
to Wealth Management
|
83,584
|
82,156
|
1.7 %
|
|
Total
|
212,090
|
208,590
|
1.7 %
|
|
|
|
|
|
ETF's distributed to
third parties
|
6,868
|
6,659
|
3.1 %
|
|
ETF's held within IGM
managed products
|
8,042
|
7,938
|
1.3 %
|
|
Total ETFs
|
14,910
|
14,597
|
2.1 %
|
|
|
|
|
|
Total
|
|
|
|
|
Assets under
management
|
249,294
|
245,006
|
1.8 %
|
|
Other assets under
advisement
|
15,620
|
15,363
|
1.7 %
|
|
Assets under
management and advisement
|
264,914
|
260,369
|
1.7 %
|
|
|
|
|
|
|
|
|
|
Table 3 - Average
Assets under Management and Advisement
|
|
|
($ millions)
(unaudited)
|
Quarter to date
2024
|
|
Wealth
Management
|
|
|
IG Wealth
Management
|
|
|
Assets under
management
|
117,656
|
|
Other assets under
advisement
|
15,257
|
|
Assets under
advisement
|
132,913
|
|
|
|
Asset
Management
|
|
|
Mackenzie
Investments
|
|
|
Mutual
funds
|
59,637
|
|
ETFs
|
6,552
|
|
Investment
funds
|
66,189
|
|
Institutional
SMA
|
8,043
|
|
Sub-advisory to Canada
Life
|
51,472
|
|
Total Institutional
SMA
|
59,515
|
|
|
|
Total third party
assets under management
|
125,704
|
|
Sub-advisory and AUM
to Wealth Management
|
81,791
|
|
Total
|
207,495
|
|
|
|
ETFs distributed to
third parties
|
6,552
|
|
ETFs held within IGM
managed products
|
8,103
|
|
Total ETFs
|
14,655
|
|
|
|
Total
|
|
|
Assets under
management
|
243,360
|
|
Other assets under
advisement
|
15,257
|
|
Assets under
management and advisement
|
258,617
|
|
|
|
|
|
1
|
Sale of Investment
Planning Counsel (IPC) closed on November 30, 2023. Including IPC,
IGM assets under advisement were $253.4 billion at September 30,
2023.
|
|
2
|
Including IPC, IGM
reported total net outflows of $323 million and investment fund net
redemptions of $527 million in September 2023.
|
|
3
|
Investment fund net
sales exclude ($33) million in ETF net creations to IGM managed
products and $34 million in investment fund net sales through the
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 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. ("IGM", TSX: IGM) is a leading Canadian
diversified wealth and asset management organization with
approximately $265 billion in total
assets under management and advisement as of September 30, 2024. The company is committed to
bettering the lives of Canadians by better planning and managing
their money. To achieve this, IGM provides a broad range of
financial planning and investment management services to help more
than two million Canadians meet their financial goals. IGM's
activities are carried out principally through IG Wealth Management
and Mackenzie Investments and are complimented by strategic
positions in wealth managers Rockefeller Capital Management and
Wealthsimple and asset managers ChinaAMC and Northleaf Capital.
These strengthen IGM's capabilities, reach and diversification. IGM
is a member of the Power Corporation group of companies. For more
information, visit igmfinancial.com
SOURCE IGM Financial Inc.