IGM FINANCIAL INC. ANNOUNCES JULY 2022 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

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WINNIPEG, MB, Aug. 4, 2022 /CNW/ – IGM Financial Inc. (IGM) IGM today reported preliminary total consolidated net inflows of $73 million during July 2022 as shown in Table 1. Total assets under management and advisement were $252.9 billion at July 31, 2022, compared with $242.1 billion at June 30, 2022, and $265.2 billion at July 31, 2021. Assets under management and advisement are shown in Table 2.  

JULY HIGHLIGHTS

IGM Financial – Assets under management & advisement of $252.9 billion were up 4.5% in the month. Total net inflows were $73 million compared to net inflows of $716 million in July 2021. Investment fund net redemptions were $264 million compared to net sales of $588 million in July 2021. 

IG Wealth Management – Assets under advisement of $110.4 billion were up 4.7% in the month. Total net inflows were $267 million compared to net inflows of $346 million in July 2021.

Mackenzie – Assets under management of $192.5 billion were up 4.2% in the month. Total net outflows were $226 million compared to net inflows of $371 million in July 2021. Investment fund net redemptions were $178 million compared to net sales of $410 million in July 2021. 

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(2)(3)

IGM

Financial

For the month ended July 31, 2022

Net flows 

Mutual fund net sales

(71.7)

(14.9)

(86.6)

(163.8)

(250.4)

ETF net creations

(13.8) 1)

(13.8)

Investment fund net sales

(71.7)

(14.9)

(86.6)

(177.6)

(264.2)

Institutional SMA net sales

(48.5)

(48.5)

Managed asset net sales

(71.7)

(14.9)

(86.6)

(226.1)

(312.7)

Mackenzie Investment fund net sales

 

0.7

 

(3.0)

 

(2.3) 2)

IGM Product net sales

(71.0)

(17.9)

(88.9)

Other net flows

337.6

47.6

385.6

385.6

Net flows 

266.6

29.7

296.7

(226.1)

72.9 (4)

Gross flows

Mutual fund gross sales

639.6

33.8

673.4

411.3

1,084.7

Dealer gross inflows

949.0

279.2

1,228.2

1,228.2

Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

July

2022

June

2022

% Change
Last Month

Wealth Management

IG Wealth Management

Assets under management

100,966

96,603

4.5 %

Other assets under advisement

9,453

8,871

6.6 %

Assets under advisement

110,419

105,474

4.7 %

Investment Planning Counsel

Assets under management

4,846

4,635

4.6 %

Other assets under advisement

25,053

24,057

4.1 %

Assets under advisement

29,899

28,692

4.2 %

Total

Assets under management

105,812

101,238

4.5 %

Other assets under advisement

34,499

32,921

4.8 %

Assets under advisement

140,311

134,159

4.6 %

Asset management

Mackenzie

Mutual funds

56,263

53,576

5.0 %

ETFs

5,467

5,368

1.8 %

Investment funds

61,730

58,944

4.7 %

Institutional SMA

6,488

6,344

2.3 %

Sub-advisory to Canada Life

48,495

46,575

4.1 %

Total Institutional SMA

54,983

52,919

3.9 %

 

Total (ex sub-advisory to Wealth Management)

 

116,713

 

111,863

 

4.3 %

Sub-advisory to Wealth Management

75,816

72,855

4.1 %

Total

192,529

184,718

4.2 %

ETF’s distributed to third parties

5,467

5,368

1.8 %

ETF’s held within IGM managed products

6,640

6,230

6.6 %

Total ETFs

12,107

11,598

4.4 %

Consolidated

Assets under management

222,525

213,101

4.4 %

Other assets under advisement

30,363

28,982

4.8 %

Assets under management and advisement(4)

252,888

242,083

4.5 %

Preliminary average assets under management and advisement for the quarter to date are set out in Table 3.

Table 3 – Average Assets under Management and Advisement

($ millions) (unaudited) 

Quarter to date 2022

Wealth Management

IG Wealth Management

Assets under management

97,992

Other assets under advisement

9,062

Assets under advisement

107,054

Investment Planning Counsel

Assets under management

4,701

Other assets under advisement

24,595

          Assets under advisement

29,296

Total

Assets under management

102,693

Other assets under advisement

33,649

Assets under advisement

136,342

Asset Management

Mackenzie

Mutual funds

54,445

ETFs

5,356

Investment funds

59,801

 

Institutional SMA

 

6,416

Sub-advisory to Canada Life

47,535

Total Institutional SMA

53,951

Total (ex sub-advisory to Wealth Management)

113,752

Sub-advisory to Wealth Management

74,223

Total

187,975

ETFs distributed to third parties

5,356

ETFs held within IGM managed products

6,404

Total ETFs

11,760

Consolidated

Assets under management

216,445

Other assets under advisement

29,612

Assets under management and advisement(5)

246,057

1

ETF net creations excludes $42.0 million in ETF net creations to IGM managed products.

2

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

3

($2.3) million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.

4

Within total assets under management and advisement, $4.1 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at July 31, 2022. ($3.9 billion at June 30, 2022).

5

Within average total assets under management and advisement, $4.0 billion in Mackenzie mutual funds distributed through the Wealth Management 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.

IGM Financial Inc. is one of Canada’s leading diversified wealth and asset management companies with approximately $253 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.

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