IGM Financial Inc. Announces December 2019 Investment Fund Sales and Total Assets Under Management
Canada NewsWire
WINNIPEG, Jan. 3, 2020
WINNIPEG, Jan. 3, 2020 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $110.2 million as shown in Table 1. Investment fund assets under management were $161.8 billion at December 31, 2019, compared with $161.4 billion at November 30, 2019 and $143.3 billion at December 31, 2018. Total assets under management were $166.8 billion at December 31, 2019, compared with $166.4 billion at November 30, 2019 and $149.1 billion at December 31, 2018. Assets under management are shown in Table 2.
Table 1 - Net New Money
Month ended December 31, 2019
|
($millions) (unaudited)
| IG Wealth
Management
| Mackenzie
Investments
| Investment
Planning
Counsel4
| Intercompany
Eliminations1
| IGM
Financial
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
Gross Sales
| $794.4
| $882.1
| $45.9
|
| $1,722.4
|
Net New Money
| ($17.3)
| $83.8 3
| ($39.3)
|
| $27.2
|
|
|
|
|
|
|
ETFs
|
|
|
|
|
|
Net New Money
|
| $418.3
|
|
| $418.3
|
Inter-product Eliminations
|
|
($334.8)2
|
|
($0.5)
|
($335.3)
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
Net New Money
| ($17.3)
| $167.3
| ($39.3)
| ($0.5)
| $110.2
|
1
| Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $0.5 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.
|
2
| $334.8 million of net new money in ETFs by Mackenzie Investments mutual funds.
|
3
| During December 2019, an institutional client which includes Mackenzie mutual funds within its investment offerings made fund allocation changes which resulted in gross and net sales of $48.2 million.
|
4
| Preliminary Counsel mutual funds net new money do not include sales/redemptions in the IPC Private Wealth program. IPC Private Wealth program flows are included in figures presented in MD&A.
|
|
|
*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial.
|
Table 2 - Assets under Management
|
($billions) (unaudited)
| December
2019
| November
2019
| December
2018
| % Change
Last Month
| % Change
YOY
|
|
|
|
|
|
|
IGM Financial
Total Assets under Management5
| $166.80
| $166.44
| $149.07
| 0.2
| 11.9
|
|
|
|
|
|
|
IGM Financial
Investment Funds
Assets under Management5
| $161.76
| $161.39
| $143.28
| 0.2
| 12.9
|
|
|
|
|
|
|
IG Wealth Management
|
|
|
|
|
|
Mutual Funds
| $93.16
| $92.97
| $83.14
| 0.2
| 12.1
|
Total IG Wealth Management
| $93.16
| $92.97
| $83.14
| 0.2
| 12.1
|
|
|
|
|
|
|
Mackenzie Investments
|
|
|
|
|
|
Mutual Funds
| $60.84
| $60.68
| $53.41
| 0.3
| 13.9
|
ETFs
| $4.75
| $4.32
| $2.95
| 10.0
| 61.0
|
Inter-product Eliminations6
| ($1.60)
| ($1.26)
| ($0.85)
| 27.0
| 88.2
|
Investment Funds
| $63.99
| $63.74
| $55.51
| 0.4
| 15.3
|
Sub-advisory, institutional and other
| $6.21
| $6.25
| $7.22
| (0.6)
| (14.0)
|
Total Mackenzie Investments
| $70.20
| $69.99
| $62.73
| 0.3
| 11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Planning Counsel7
| $5.39
| $5.46
| $5.13
| (1.3)
| 5.1
|
|
|
|
|
|
|
5
| Mackenzie sub-advisory mandates to Investment Planning Counsel mutual funds and investment in Mackenzie investment funds by mutual funds managed by IG Wealth Management or Investment Planning Counsel are reported within Mackenzie's results and are eliminated within IGM Financial consolidated results:
|
-
| Amounts eliminated within IGM Financial consolidated total assets were $1.9 billion at December 31, 2019 ($2.0 billion at November 30, 2019 and $1.9 billion at December 31, 2018).
|
-
| Amounts eliminated within IGM Financial consolidated investment fund assets were $780 million at December 31, 2019 ($780 million at November 30, 2019 and $488 million at December 31, 2018).
|
6
| Mackenzie mutual fund investment in ETFs of $1.6 billion as at December 31, 2019 ($1.3 billion as at November 30, 2019 and $849 million as at December 31, 2018).
|
7
| IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.
|
Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
Table 3 - Average Assets under Management8
|
|
($billions) (unaudited)
| Quarter to Date
|
|
|
IGM Financial
Total Average Assets under Management9
| $164.53
|
|
|
IGM Financial
Investment Funds Average Assets under Management9
| $159.53
|
|
|
IG Wealth Management
|
|
Mutual Funds
| $91.93
|
Total IG Wealth Management
| $91.93
|
|
|
Mackenzie Investments
|
|
Mutual Funds
| $59.95
|
ETFs
| $4.31
|
Inter-product Eliminations10
| ($1.29)
|
Investment Funds
| $62.97
|
Sub-advisory, institutional and other
| $6.17
|
Total Mackenzie Investments
| $69.14
|
|
|
Investment Planning Counsel11
| $5.38
|
8
| Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets.
|
9
| Mackenzie sub-advisory mandates to Investment Planning Counsel mutual funds and investment in Mackenzie investment funds by mutual funds managed by IG Wealth Management or Investment Planning Counsel are reported within Mackenzie's results and are eliminated within IGM Financial consolidated results:
|
-
| Amounts eliminated within IGM Financial consolidated total assets were $1.9 billion at December 31, 2019.
|
-
| Amounts eliminated within IGM Financial consolidated investment fund assets were $753 million at December 31, 2019.
|
10
| Mackenzie mutual fund investment in ETFs of $1.3 billion as at December 31, 2019.
|
11
| IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.
|
IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $167 billion in total assets under management. The company provides a broad range of financial and investment planning 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.
A MEMBER OF THE POWER FINANCIAL CORPORATION GROUP OF COMPANIES.
SOURCE IGM Financial Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/03/c0475.html
Media Relations: Nini Krishnappa, 416-355-2630, nini.krishnappa@igmfinancial.com; Investor Relations: Keith Potter, 204-956-8119, investor.relations@igmfinancial.comCopyright CNW Group 2020