• Sun. May 26th, 2024

IGM FINANCIAL INC. ANNOUNCES APRIL 2024 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

WINNIPEG, MB, May 3, 2024 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported total assets under management and advisement of $246.7 billion at April 30, 2024, compared with $252.2 billion at March 31, 2024, and $236.5 billion at April 30, 2023(1). Total consolidated net outflows were $253 million during April 2024.

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APRIL HIGHLIGHTS

IGM Financial – Assets under management & advisement of $246.7 billion were down 2.2% in the month. Total net outflows were $253 million compared to net outflows of $499 million in April 2023(2). Investment fund net redemptions were $471 million compared to net redemptions of $321 million in April 2023(2).

IG Wealth Management – Assets under advisement of $125.7 billion were down 1.9% in the month. Total net outflows were $192 million compared to net outflows of $252 million in April 2023.

Mackenzie – Assets under management of $198.9 billion were down 2.3% in the month. Investment fund net redemptions were $202 million compared to net redemptions of $89 million in April 2023. Total net redemptions were $61 million compared to net redemptions of $247 million in April 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 April 30, 2024

Net flows 

Mutual fund net sales

(269.2)

(259.1)

(528.3)

ETF net creations

57.4

57.4

Investment fund net sales

(269.2)

(201.7)(3)

(470.9)

Institutional SMA net sales

140.4(4)

140.4

Managed asset net sales

(269.2)

(61.3)

(330.5)

Other net flows

77.4

77.4

Net flows 

(191.8)

(61.3)

(253.1)

Gross flows

Mutual fund gross sales

1,103.4

691.9

1,795.3

Dealer gross inflows

1,118.2

1,118.2

 

Table 2 – Assets under Management and Advisement

 

($ millions) (unaudited)

April

 2024

March

 2024

% Change
Last Month

Wealth Management

IG Wealth Management

Assets under management

111,307

113,566

(2.0 %)

Other assets under advisement

14,343

14,455

(0.8 %)

Assets under advisement

125,650

128,021

(1.9 %)

Asset management

Mackenzie

Mutual funds

57,219

58,847

(2.8 %)

ETFs

6,012

6,074

(1.0 %)

Investment funds

63,231

64,921

(2.6 %)

Institutional SMA

7,990

7,966

0.3 %

Sub-advisory to Canada Life

49,840

51,281

(2.8 %)

Total Institutional SMA

57,830

59,247

(2.4 %)

Total third party assets under management

121,061

124,168

(2.5 %)

Sub-advisory and AUM to Wealth Management

77,836

79,503

(2.1 %)

Total

198,897

203,671

(2.3 %)

ETF’s distributed to third parties

6,012

6,074

(1.0 %)

ETF’s held within IGM managed products

7,597

7,737

(1.8 %)

Total ETFs

13,609

13,811

(1.5 %)

Total

Assets under management

232,368

237,734

(2.3 %)

Other assets under advisement

14,343

14,455

(0.8 %)

Assets under management and advisement

246,711

252,189

(2.2 %)

 

Table 3 – Average Assets under Management and Advisement

($ millions) (unaudited) 

Quarter to date 2024

Wealth Management

IG Wealth Management

Assets under management

112,131

Other assets under advisement

14,346

Assets under advisement

126,477

Asset Management

Mackenzie

Mutual funds

57,781

ETFs

6,015

Investment funds

63,796

 

Institutional SMA

 

7,979

Sub-advisory to Canada Life

50,561

Total Institutional SMA

58,540

Total third party assets under management

122,336

Sub-advisory and AUM to Wealth Management

78,629

Total

200,965

ETFs distributed to third parties

6,015

ETFs held within IGM managed products

7,650

Total ETFs

13,665

Total

Assets under management

234,467

Other assets under advisement

14,346

Assets under management and advisement

248,813

1

Sale of Investment Planning Counsel closed on November 30, 2023. Including Investment Planning Counsel, IGM assets under advisement were $263.0 billion at April 30, 2023.

2

Including Investment Planning Counsel, IGM reported total net outflows of $478 million and investment fund net redemptions of $327 million in April 2023.

3

Investment fund net sales exclude $2 million in ETF net creations to IGM managed products and $29 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 $247 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.

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