WINNIPEG, May 4, 2020 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $98.4 million as shown in Table 1. Investment fund assets under management were $152.2 billion at April 30, 2020, compared with $143.2 billion at March 31, 2020 and $157.4 billion at April 30, 2019. Total assets under management were $159.4 billion at April 30, 2020, compared with $147.5 billion at March 31, 2020 and $163.5 billion at April 30, 2019. Assets under management are shown in Table 2.
Investment fund net new money includes gross sales of $1.5 billion and net inflows of $98.4 million compared to gross sales of $1.5 billion and net outflows of $274.4 million in April 2019.
IG Wealth Management reported preliminary assets under administration of $91.6 billion at April 30, 2020 compared to $85.9 billion at March 31, 2020 and $94.8 billion at April 30, 2019. Net client outflows were $35.7 million during April 2020 compared to net client outflows of $240.3 million in April 2019.
Mackenzie Investments reported preliminary assets under management of $70.0 billion at April 30, 2020 compared to $63.1 billion at March 31, 2020 and $69.0 billion at April 30, 2019. Investment fund net inflows of $212.9 million in April 2020 compared to net outflows of $2.5 million in April 2019.
During April 2020, Mackenzie onboarded $2.6 billion of sub-advisory and institutional wins from various clients. These wins were spread across a diverse range of investment strategies, including Global Equity, U.S. Equity, Fixed Income and Currency Overlay strategies. The amounts will be reported in Mackenzie's Sub-advisory, institutional and other results.
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Table 1 – Investment Fund Net Flows
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Month ended April 30, 2020
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Investment
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($millions) (unaudited)
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IG Wealth
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Mackenzie
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Planning
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Inter-co.
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IGM
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Management
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Investments4
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Counsel3
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Elimin.1
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Financial
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Mutual Funds
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Gross Sales
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$603.1
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$855.6
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$34.4
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$1,493.1
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Net New Money
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($87.7)
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$154.0
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($15.3)
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$51.0
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ETFs
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Net New Money
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$46.7
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$46.7
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Inter-product Eliminations
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$12.2 2
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($11.5)
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$0.7
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Investment Funds Net New Money
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($87.7)
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$212.9
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($15.3)
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($11.5)
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$98.4
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Other Client AUA Net Flows
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$52.0
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Net Client Inflows
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($35.7)
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*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial. Net Client Flows is defined as net contributions to client accounts and includes IG investment funds, third party investment funds, equity and fixed income securities, high interest savings accounts and deposits held at IG Wealth Management.
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Table 2 - Assets under Management and Administration
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($billions) (unaudited)
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April 2020
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March 2020
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April 2019
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% Change
Last Month
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% Change
YOY
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IGM Financial
Total Assets under Management5
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$159.38
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$147.50
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$163.52
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8.1
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(2.5)
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IGM Financial
Investment Funds
Assets under Management5
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$152.15
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$143.22
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$157.36
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6.2
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(3.3)
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IG Wealth Management
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Mutual Funds
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$86.76
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$81.90
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$91.17
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5.9
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(4.8)
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Total IG Wealth Management
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$86.76
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$81.90
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$91.17
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5.9
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(4.8)
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Mackenzie Investments
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Mutual Funds
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$58.01
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$54.29
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$58.84
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6.9
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(1.4)
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ETFs
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$5.57
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$5.25
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$3.45
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6.1
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61.4
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Inter-product Eliminations6
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($1.87)
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($1.76)
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($0.95)
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6.2
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96.8
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Investment Funds
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$61.71
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$57.78
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$61.34
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6.8
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0.6
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Sub-advisory, institutional and other7
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$8.31
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$5.32
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$7.67
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56.2
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8.3
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Total Mackenzie Investments
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$70.02
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$63.10
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$69.01
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11.0
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1.5
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Investment Planning Counsel8
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$4.92
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$4.70
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$5.50
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4.7
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(10.5)
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IG Wealth Management Assets under Administration
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$91.62
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$85.95
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$94.83
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6.6
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(3.4)
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Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
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Table 3 - Average Assets under Management9
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($billions) (unaudited)
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Quarter to Date
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IGM Financial
Total Average Assets under Management10
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$153.52
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IGM Financial
Investment Funds Average Assets under Management10
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$147.77
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IG Wealth Management
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Mutual Funds
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$84.39
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Total IG Wealth Management
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$84.39
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Mackenzie Investments
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Mutual Funds
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$56.18
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ETFs
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$5.43
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Inter-product Eliminations11
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($1.82)
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Investment Funds
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$59.79
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Sub-advisory, institutional and other
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$6.82
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Total Mackenzie Investments
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$66.61
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Investment Planning Counsel12
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$4.79
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1
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Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $11.5 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.
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2
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($12.2) million of net new money in ETFs by Mackenzie Investments mutual funds.
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3
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IGM Financial and Counsel mutual funds net new money presented does not include sales/redemptions in the IPC Private Wealth program. IPC Private Wealth program flows are included in figures presented in the MD&A.
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4
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During April 2020, an institutional investor which includes Mackenzie mutual funds within its investment offerings made fund allocation changes which resulted in gross and net sales of $108.7 million.
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5
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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:
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-
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Amounts eliminated within IGM Financial consolidated total assets were $2.3 billion at April 30, 2020 ($2.2 billion at March 31, 2020 and $2.2 billion at April 30, 2019).
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-
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Amounts eliminated within IGM Financial consolidated investment fund assets were $1.3 billion at April 30, 2020 ($1.2 billion at March 31, 2020, $654 million at April 30, 2019).
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6
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Mackenzie mutual fund investment in ETFs of $1.9 billion as at April 30, 2020 ($1.8 billion as at March 31, 2020 and $945 million as at April 30, 2019).
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7
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During April 2020, Mackenzie onboarded $2.6 billion of sub-advisory and institutional wins from various clients. These wins were spread across a diverse range of investment strategies, including Global Equity, U.S. Equity, Fixed Income and Currency Overlay strategies
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8
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IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.
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9
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Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets.
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10
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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:
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-
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Amounts eliminated within IGM Financial consolidated total assets were $2.3 billion at April 30, 2020.
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Amounts eliminated within IGM Financial consolidated investment fund assets were $1.2 billion at April 30, 2020.
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11
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Mackenzie mutual fund investment in ETFs of $1.8 billion as at April 30, 2020.
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12
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IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.
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IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $159 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 CORPORATION GROUP OF COMPANIES.
SOURCE IGM Financial Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2020/04/c5830.html
Media Relations: Nini Krishnappa, 416-355-2630, nini.krishnappa@igmfinancial.com; Investor Relations: Keith Potter, 204-955-2404, investor.relations@igmfinancial.comCopyright CNW Group 2020