• Wed. Apr 24th, 2024

IGM FINANCIAL INC. ANNOUNCES OCTOBER 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

WINNIPEG, MB, Nov. 3, 2023 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $27 million during October 2023 as shown in Table 1. Total assets under management and advisement were $250.3 billion at October 31, 2023, compared with $253.4 billion at September 30, 2023, and $245.7 billion at October 31, 2022. Assets under management and advisement are shown in Table 2.

IGM Financial Inc. Logo (CNW Group/IGM Financial Inc.)

OCTOBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $250.3 billion were down 1.2% in the month. Total net outflows were $27 million compared to net outflows of $123 million in October 2022. Investment fund net redemptions were $735 million compared to net redemptions of $652 million in October 2022.(1)

IG Wealth Management – Assets under advisement of $113.5 billion down 0.6% in the month. Total net outflows were $26 million compared to net inflows of $150 million in October 2022.

Mackenzie – Assets under management of $183.3 billion were down 1.6% in the month. Total net redemptions were $300 million compared to net redemptions of $405 million in October 2022. Investment fund net redemptions were $356 million compared to net redemptions of $359 million in October 2022.

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

Investment
Planning
Counsel

Total

Mackenzie

IGM

Financial

For the month ended October 31, 2023

Net flows 

Mutual fund net sales

(376.3)

(3.2)

(379.5)

(364.7)

(744.2)

ETF net creations

9.1 (2)

9.1

Investment fund net sales

(376.3)

(3.2)

(379.5)

(355.6)

(735.1)

Institutional SMA net sales

55.9 (3)

55.9

Managed asset net sales

(376.3)

(3.2)

(379.5)

(299.7)

(679.2)

Mackenzie Investment fund net sales

 

(8.7)

 

(8.7) (4)

IGM Product net sales

(376.3)

(11.9)

(388.2)

Other net flows

350.3

301.8

652.5

652.5

Net flows 

(26.0)

289.9

264.3

(299.7)

(26.7) (4)

Gross flows

Mutual fund gross sales

773.2

101.2

874.4

510.1

1,384.5

Dealer gross inflows

963.2

683.1

1,646.3

1,646.3

 

Table 2 – Assets under Management and Advisement

 

($ millions) (unaudited)

October

 2023

September

 2023

% Change
Last Month

Wealth Management

IG Wealth Management

Assets under management

100,782

101,945

(1.1 %)

Other assets under advisement

12,687

12,259

3.5 %

Assets under advisement

113,469

114,204

(0.6 %)

Investment Planning Counsel

Assets under management

4,819

4,856

(0.8 %)

Other assets under advisement

25,411

25,441

(0.1 %)

Assets under advisement

30,230

30,297

(0.2 %)

Total

Assets under management

105,601

106,801

(1.1 %)

Other assets under advisement

38,090

37,693

1.1 %

Assets under advisement

143,691

144,494

(0.6 %)

Asset management

Mackenzie

Mutual funds

52,722

53,950

(2.3 %)

ETFs

4,944

5,050

(2.1 %)

Investment funds

57,666

59,000

(2.3 %)

Institutional SMA

7,080

7,102

(0.3 %)

Sub-advisory to Canada Life

44,999

45,906

(2.0 %)

Total Institutional SMA

52,079

53,008

(1.8 %)

 

Total third party assets under management

 

109,745

 

112,008

 

(2.0 %)

Sub-advisory and AUM to Wealth Management

73,562

74,325

(1.0 %)

Total

183,307

186,333

(1.6 %)

ETF’s distributed to third parties

4,944

5,050

(2.1 %)

ETF’s held within IGM managed products

7,259

7,450

(2.6 %)

Total ETFs

12,203

12,500

(2.4 %)

Total

Assets under management

215,346

218,809

(1.6 %)

Other assets under advisement

34,973

34,546

1.2 %

Assets under management and advisement(5)

250,319

253,355

(1.2 %)

 

Table 3 – Average Assets under Management and Advisement

($ millions) (unaudited) 

Quarter to date 2023

Wealth Management

IG Wealth Management

Assets under management

101,409

Other assets under advisement

12,320

Assets under advisement

113,729

Investment Planning Counsel

Assets under management

4,827

Other assets under advisement

25,436

          Assets under advisement

30,263

Total

Assets under management

106,236

Other assets under advisement

37,749

Assets under advisement

143,985

Asset Management

Mackenzie

Mutual funds

53,347

ETFs

4,951

Investment funds

58,298

 

Institutional SMA

 

7,091

Sub-advisory to Canada Life

45,452

Total Institutional SMA

52,543

 

Total third party assets under management

 

110,841

Sub-advisory and AUM to Wealth Management

73,937

Total

184,778

ETFs distributed to third parties

4,951

ETFs held within IGM managed products

7,334

Total ETFs

12,285

Total

Assets under management

217,077

Other assets under advisement

34,618

Assets under management and advisement(6)

251,695

1

Includes Investment Planning Counsel now reported as Discontinued operations.

2

ETF net creations excludes ($156.6) million in ETF net creations to IGM managed products and $3.4 million in investment fund flows through the IG Wealth Management (IGWM) segment.

3

Excludes sub-advisory to Canada Life and the Wealth Management segment.

4

(8.7) million in Mackenzie investment fund net flows through Investment Planning Counsel have been eliminated on consolidation. 

5

Within total assets under management and advisement, $3.1 billion in Mackenzie investment funds distributed through the Investment Planning Counsel segment eliminates on consolidation at October 31, 2023. ($3.1 billion at September 30, 2023).

6

Within average total assets under management and advisement, $3.1 billion in Mackenzie mutual funds distributed through the Investment Planning Counsel segment eliminates on consolidation.

Glossary of Terms

Mutual fund gross sales, net sales and assets under management 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 through separately managed accounts.

“Other dealer net flows” and “other assets under advisement” represents financial savings products held within client accounts at the Wealth Management operating companies 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.”

“Assets under advisement” represents all savings products held within client accounts at the Wealth Management operating companies.

“Net flows” represents the total net contributions, in cash or in kind, to client accounts at the Wealth Management operating companies and the overall net sales to the Asset Management segment.

“Wealth Management” – Reflects the activities of operating companies that are principally focused on providing financial planning and related services to Canadian households. This segment includes the activities of IG Wealth Management and Investment Planning Counsel. These firms are retail distribution organizations who serve 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 is expected to close by the end of 2023, subject to regulatory approvals.

IGM Financial Inc. is one of Canada’s leading diversified wealth and asset management companies with approximately $250  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.

Cision

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/03/c5475.html

link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *