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

WINNIPEG, MB, Oct. 5, 2022 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $441 million during September 2022 as shown in Table 1. Total assets under management and advisement were $238.1 billion at September 30, 2022, compared with $247.2 billion at August 31, 2022, and $265.2 billion at September 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.)

SEPTEMBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $238.1 billion were down 3.7% in the month. Total net outflows were $441 million compared to net inflows of $749 million in September 2021. Investment fund net redemptions were $682 million compared to net sales of $543 million in September 2021.

IG Wealth Management – Assets under advisement of $105.0 billion were down 3.3% in the month. Total net outflows were $40 million compared to net inflows of $293 million in September 2021.

Mackenzie – Assets under management of $180.5 billion were down 3.9% in the month. Total net outflows were $389 million compared to net inflows of $415 million in September 2021. Investment fund net redemptions were $354 million compared to net sales of $347 million in September 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 September 30, 2022

Net flows 
















Mutual fund net sales

(307.7)

(21.0)

(328.7)


(294.3)

(623.0)


ETF net creations

-

-

-


(59.3) (1)

(59.3)


Investment fund net sales

(307.7)

(21.0)

(328.7)


(353.6)

(682.3)


Institutional SMA net sales

-

-

-


(35.3)(2)

(35.3)


Managed asset net sales

(307.7)

(21.0)

(328.7)


(388.9)

(717.6)


Mackenzie Investment fund net sales

 

(18.1)

 

(8.6)

 

(26.7)(3)













IGM Product net sales

(325.8)

(29.6)

(355.4)













Other net flows

286.2

(9.9)

276.4



276.4









Net flows 

(39.6)

(39.5)

(79.0)


(388.9)

(441.2)(3)









Gross flows








Mutual fund gross sales

602.1

41.1

643.2


417.3

1,060.5


Dealer gross inflows

857.5

287.1

1,144.6



1,144.6

 

Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

September

 2022

August

 2022

% Change
Last Month

Wealth Management




IG Wealth Management




Assets under management

95,460

99,039

(3.6 %)

Other assets under advisement

9,569

9,540

0.3 %

Assets under advisement

105,029

108,579

(3.3 %)

Investment Planning Counsel




Assets under management

4,575

4,746

(3.6 %)

Other assets under advisement

23,711

24,604

(3.6 %)

Assets under advisement

28,286

29,350

(3.6 %)

Total




Assets under management

100,035

103,785

(3.6 %)

Other assets under advisement

33,274

34,137

(2.5 %)

Assets under advisement

133,309

137,922

(3.3 %)





Asset management




Mackenzie




Mutual funds

52,540

54,869

(4.2 %)

ETFs

5,011

5,330

(6.0 %)

Investment funds

57,551

60,199

(4.4 %)





Institutional SMA

6,106

6,415

(4.8 %)

Sub-advisory to Canada Life

45,015

46,736

(3.7 %)

Total Institutional SMA

51,121

53,151

(3.8 %)

 

Total (ex sub-advisory to Wealth Management)                                

 

108,672

 

113,350

 

(4.1 %)

Sub-advisory to Wealth Management

71,834

74,505

(3.6 %)

Total

180,506

187,855

(3.9 %)





ETF's distributed to third parties

5,011

5,330

(6.0 %)

ETF's held within IGM managed products

6,469

6,519

(0.8 %)

Total ETFs

11,480

11,849

(3.1 %)





Consolidated




Assets under management

208,707

217,135

(3.9 %)

Other assets under advisement

29,398

30,086

(2.3 %)

Assets under management and advisement(4)

238,105

247,221

(3.7 %)

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

99,128

Other assets under advisement

9,421

Assets under advisement

108,549

Investment Planning Counsel


Assets under management

4,746

Other assets under advisement

24,505

          Assets under advisement

29,251

Total


Assets under management

103,874

Other assets under advisement

33,919

Assets under advisement

137,793



Asset Management


Mackenzie


Mutual funds

55,047

ETFs

5,358

Investment funds

60,405

 

Institutional SMA

 

6,338

Sub-advisory to Canada Life

46,705

Total Institutional SMA

53,043



Total (ex sub-advisory to Wealth Management)                                                        

113,448

Sub-advisory to Wealth Management

73,875

Total

187,323



ETFs distributed to third parties

5,358

ETFs held within IGM managed products

6,499

Total ETFs

11,857



Consolidated


Assets under management

217,322

Other assets under advisement

29,887

Assets under management and advisement(5)

247,209



1

ETF net creations excludes $132.3 million in ETF net creations to IGM managed products.

2

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

3

($26.7) 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, $3.9 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at September 30, 2022. ($4.1 billion at August 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 $238 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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