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

WINNIPEG, MB, Dec. 5, 2022 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $294 million during November 2022 as shown in Table 1. Total assets under management and advisement were $256.7 billion at November 30, 2022, compared with $245.7 billion at October 31, 2022, and $269.9 billion at November 30, 2021. Assets under management and advisement are shown in Table 2.

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

NOVEMBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $256.7 billion were up 4.5% in the month. Total net outflows were $294 million compared to net inflows of $547 million in November 2021. Investment fund net redemptions were $623 million compared to net sales of $407 million in November 2021.

IG Wealth Management – Assets under advisement of $113.7 billion were up 4.9% in the month. Total net inflows were $123 million compared to net inflows of $351 million in November 2021.

Mackenzie – Assets under management of $192.9 billion were up 4.3% in the month. Total net outflows were $391 million compared to net inflows of $91 million in November 2021. Investment fund net redemptions were $333 million compared to net sales of $281 million in November 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

IGM

Financial

For the month ended November 30, 2022

Net flows 
















Mutual fund net sales

(217.3)

(73.2)

(290.5)


(318.3)

(608.8)


ETF net creations

-

-

-


(14.5) (1)

(14.5)


Investment fund net sales

(217.3)

(73.2)

(290.5)


(332.8)

(623.3)


Institutional SMA net sales

-

-

-


(58.1) (2)

(58.1)


Managed asset net sales

(217.3)

(73.2)

(290.5)


(390.9)

(681.4)


Mackenzie Investment fund net sales

 

(6.9)

 

5.7

 

(1.2) (3)













IGM Product net sales

(224.2)

(67.5)

(291.7)













Other net flows

347.0

39.9

387.6



387.6









Net flows 

122.8

(27.6)

95.9


(390.9)

(293.8) (3)









Gross flows








Mutual fund gross sales

760.9

45.9

806.8


523.9

1,330.7


Dealer gross inflows

1,027.9

364.3

1,392.2



1,392.2

















Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

November

 2022

October

 2022

% Change
Last Month

Wealth Management




IG Wealth Management




Assets under management

102,886

98,157

4.8 %

Other assets under advisement

10,804

10,186

6.1 %

Assets under advisement

113,690

108,343

4.9 %

Investment Planning Counsel




Assets under management

4,796

4,660

2.9 %

Other assets under advisement

25,648

24,560

4.4 %

Assets under advisement

30,444

29,220

4.2 %

Total




Assets under management

107,682

102,817

4.7 %

Other assets under advisement

36,445

34,739

4.9 %

Assets under advisement

144,127

137,556

4.8 %





Asset management




Mackenzie




Mutual funds

56,422

54,027

4.4 %

ETFs

5,139

4,961

3.6 %

Investment funds

61,561

58,988

4.4 %





Institutional SMA

6,635

6,242

6.3 %

Sub-advisory to Canada Life

48,578

46,902

3.6 %

Total Institutional SMA

55,213

53,144

3.9 %

 

Total (ex sub-advisory to Wealth Management)

 

116,774

 

112,132

 

4.1 %

Sub-advisory to Wealth Management

76,131

72,858

4.5 %

Total

192,905

184,990

4.3 %





ETF's distributed to third parties

5,139

4,961

3.6 %

ETF's held within IGM managed products

7,301

6,904

5.8 %

Total ETFs

12,440

11,865

4.8 %





Consolidated




Assets under management

224,456

214,949

4.4 %

Other assets under advisement

32,250

30,755

4.9 %

Assets under management and advisement(4)

256,706

245,704

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

98,165

Other assets under advisement

10,141

Assets under advisement

108,306

Investment Planning Counsel


Assets under management

4,636

Other assets under advisement

24,648

          Assets under advisement

29,284

Total


Assets under management

102,801

Other assets under advisement

34,782

Assets under advisement

137,583



Asset Management


Mackenzie


Mutual funds

53,838

ETFs

4,902

Investment funds

58,740

 

Institutional SMA

 

6,327

Sub-advisory to Canada Life

46,832

Total Institutional SMA

53,159



Total (ex sub-advisory to Wealth Management)

111,899

Sub-advisory to Wealth Management

73,505

Total

185,404



ETFs distributed to third parties

4,902

ETFs held within IGM managed products

6,875

Total ETFs

11,777



Consolidated


Assets under management

214,700

Other assets under advisement

30,774

Assets under management and advisement(5)

245,474



1

ETF net creations excludes $98.4 million in ETF net creations to IGM managed products.

2

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

3

($1.2) 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, $4.2 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at November 30, 2022. ($4.0 billion at October 31, 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 $257 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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