WINNIPEG, MB, July 4, 2024
/CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported total
assets under management and advisement of $252.4 billion at June 30,
2024, up 0.5% from $251.1
billion at May 31, 2024, and
up 7.6% from $234.7 billion at
June 30, 2023(1). Total
consolidated net outflows were $535
million during June 2024.
JUNE HIGHLIGHTS
IGM Financial – Assets under management &
advisement of $252.4 billion were up
0.5% in the month. Total net outflows were $535 million compared to net inflows of
$146 million in June 2023(2). Investment fund net
redemptions were $510 million
compared to net redemptions of $331
million in June
2023(2).
In June 2024, IGM Financial
experienced heightened investment fund gross sales, redemptions and
heightened positive other net flows due to clients strategically
triggering capital gains in advance of changes to Canada's capital gains tax policy that took
effect on June 25th, 2024.
IG Wealth Management – Assets under advisement of
$129.7 billion were up 0.9% in the
month. Total net inflows were $21
million up from net outflows of $138
million in June 2023.
Mackenzie – Assets under management of $202.1 billion were up 0.2% in the month.
Investment fund net redemptions were $293 million compared to net redemptions of
$162 million in June 2023. Total net redemptions were
$557 million compared to net sales of
$284 million in June 2023(5).
Table 1 - Gross and
Net Flows
|
Please see
www.igmfinancial.com for file with trended history.
|
|
|
Wealth
Management
|
|
Asset
Management
|
|
($ millions)
(unaudited)
|
IG Wealth
Management
|
|
Mackenzie
|
IGM
Financial
|
For the month ended
June 30, 2024
|
|
|
|
|
Net
flows
|
|
|
|
|
|
|
|
|
|
|
|
Mutual fund net
sales
|
(216.9)
|
|
(361.0)
|
(577.9)
|
|
ETF net
creations
|
|
|
67.9
|
67.9
|
|
Investment fund
net sales
|
(216.9)
|
|
(293.1)(3)
|
(510.0)
|
|
Institutional SMA net
sales
|
|
|
(263.6)(4)
|
(263.6)
|
|
Managed asset net
sales
|
(216.9)
|
|
(556.7)
|
(773.6)
|
|
Other net
flows
|
238.2
|
|
|
238.2
|
|
|
|
|
|
|
Net
flows
|
21.3
|
|
(556.7)
|
(535.4)
|
|
|
|
|
|
|
Gross
flows
|
|
|
|
|
|
Mutual fund gross
sales
|
1,851.1
|
|
769.9
|
2,621.0
|
|
Dealer gross
inflows
|
1,229.3
|
|
|
1,229.3
|
Table 2 – Assets
under Management and Advisement
|
($ millions)
(unaudited)
|
June
2024
|
May
2024
|
% Change Last
Month
|
Wealth
Management
|
|
|
|
IG Wealth
Management
|
|
|
|
Assets under
management
|
114,655
|
113,814
|
0.7 %
|
Other assets under
advisement
|
15,061
|
14,743
|
2.2 %
|
Assets under
advisement
|
129,716
|
128,557
|
0.9 %
|
|
|
|
|
Asset
management
|
|
|
|
Mackenzie
|
|
|
|
Mutual
funds
|
58,505
|
58,228
|
0.5 %
|
ETFs
|
6,250
|
6,176
|
1.2 %
|
Investment
funds
|
64,755
|
64,404
|
0.5 %
|
|
|
|
|
Institutional
SMA
|
8,011
|
8,090
|
(1.0 %)
|
Sub-advisory to Canada
Life
|
49,960
|
50,074
|
(0.2 %)
|
Total Institutional
SMA
|
57,971
|
58,164
|
(0.3 %)
|
|
|
|
|
Total third party
assets under management
|
122,726
|
122,568
|
0.1 %
|
Sub-advisory and AUM
to Wealth Management
|
79,393
|
79,184
|
0.3 %
|
Total
|
202,119
|
201,752
|
0.2 %
|
|
|
|
|
ETF's distributed to
third parties
|
6,250
|
6,176
|
1.2 %
|
ETF's held within IGM
managed products
|
8,125
|
7,788
|
4.3 %
|
Total ETFs
|
14,375
|
13,964
|
2.9 %
|
|
|
|
|
Total
|
|
|
|
Assets under
management
|
237,381
|
236,382
|
0.4 %
|
Other assets under
advisement
|
15,061
|
14,743
|
2.2 %
|
Assets under
management and advisement
|
252,442
|
251,125
|
0.5 %
|
Table 3 - Average
Assets under Management and Advisement
|
|
($ millions)
(unaudited)
|
Quarter to date
2024
|
Wealth
Management
|
|
IG Wealth
Management
|
|
Assets under
management
|
113,494
|
Other assets under
advisement
|
14,652
|
Assets under
advisement
|
128,146
|
|
|
Asset
Management
|
|
Mackenzie
|
|
Mutual
funds
|
58,289
|
ETFs
|
6,179
|
Investment
funds
|
64,468
|
Institutional
SMA
|
8,015
|
Sub-advisory to Canada
Life
|
50,290
|
Total Institutional
SMA
|
58,305
|
|
|
Total third party
assets under management
|
122,773
|
Sub-advisory and AUM
to Wealth Management
|
78,984
|
Total
|
201,757
|
|
|
ETFs distributed to
third parties
|
6,179
|
ETFs held within IGM
managed products
|
7,790
|
Total ETFs
|
13,969
|
|
|
Total
|
|
Assets under
management
|
236,267
|
Other assets under
advisement
|
14,652
|
Assets under
management and advisement
|
250,919
|
1
|
Sale of Investment
Planning Counsel closed on November 30, 2023. Including Investment
Planning Counsel, IGM assets under advisement were $261.1 billion
at June 30, 2023.
|
2
|
Including Investment
Planning Counsel, IGM reported total net inflows of $120 million
and investment fund net redemptions of $332 million in June
2023.
|
3
|
Investment fund net
sales exclude $256 million in ETF net creations to IGM managed
products and $30 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
|
During June 2023,
Mackenzie onboarded an institutional win of $490
million.
|
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 $252
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.