WINNIPEG, MB , Jan. 7, 2021 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net flows of $803.1 million during December 2020 as shown in Table 1. Total assets under management and advisement were $240.0 billion at December 31, 2020 , compared with $205 .2 billion at November 30, 2020 and $190 .0 billion at December 31, 2019 . Assets under management and advisement are shown in Table 2.
DECEMBER HIGHLIGHTS
IGM Financial - record high assets under management & advisement of $240.0 billion , up 2.1% in month and 10.3% in the year (excluding $30.3 billion in net business acquisitions). December net flows of $803.1 million are record high and up from $199.2 million in December 2019. Full year net flows of $7.1 billion are record high and up from net redemptions of $1.7 billion in 2019.
IG Wealth - record high assets under advisement of $103.3 billion , up 1.8% in December and 6.4% in the year. December net flows of $228.5 million is highest December in over 20 years and up from net flows of $48 million in December 2019 . Full year net flows of $794 million are second highest in a decade and up from net outflows of $781 million in 2019.
Mackenzie - record high assets under management of $186.8 billion , up 2.1% in the month and 10.3% in the year (excluding $30.3 billion in net business acquisitions of GLC Asset Management Group Ltd. (GLC) and Greenchip Financial Corp. (Greenchip)). December net sales of $533.6 million are a record high and up from $131.0 million in December 2019 . Full year net sales of $6.2 billion are record high and up from net sales of $272.7 million in 2019.
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Table 1 – Gross and Net Flows
|
|
|
Wealth Management
|
|
Asset
Management
|
|
|
($ millions) (unaudited)
|
IG Wealth
Management
|
Investment
Planning Counsel
|
Total
|
|
Mackenzie
|
IGM
Financial
|
|
For the month ended December 31, 2020
|
|
Net flows
|
228.5
|
106.4
|
335.9
|
|
533.6
|
803.1 ( 3)
|
|
|
|
|
|
|
|
|
|
Mutual fund net sales
|
68.2
|
(36.0)
|
32.2
|
|
471.5
|
503.7
|
|
ETF net creations (1)
|
-
|
-
|
-
|
|
143.0
|
143.0
|
|
Investment fund net sales
|
68.2
|
(36.0)
|
32.2
|
|
614.5
|
646.7
|
|
Institutional SMA net sales
|
-
|
-
|
-
|
|
(80.9) (2)
|
(80.9)
|
|
Managed asset net sales
|
68.2
|
(36.0)
|
32.2
|
|
533.6
|
565.8
|
|
|
|
|
|
|
|
|
|
Other dealer net flows
|
160.3
|
142.4
|
303.7
|
|
-
|
237.3 (3)
|
|
|
|
|
|
|
|
|
|
Gross flows
|
|
|
|
|
|
|
|
Mutual fund gross sales
|
948.0
|
79.6
|
1,027.6
|
|
1,341.6
|
2,369.2
|
|
Dealer gross inflows
|
1,082.2
|
584.0
|
1,666.2
|
|
-
|
1,666.2
|
|
Table 2 – Assets under Management and Advisement
|
|
($ millions) (unaudited)
|
December
2020
|
November
2020
|
December
2019
|
% Change
Last
Month
|
% Change
YOY
|
|
Wealth Management
|
|
|
|
|
|
|
IG Wealth Management
|
|
|
|
|
|
|
Assets under management
|
97,713
|
96,229
|
93,161
|
1.5%
|
4.9%
|
|
Other assets under advisement
|
5,554
|
5,227
|
3,939
|
6.3%
|
41.0%
|
|
Assets under advisement
|
103,267
|
101,456
|
97,100
|
1.8%
|
6.4%
|
|
IPC
|
|
|
|
|
|
|
Assets under management
|
5,320
|
5,292
|
5,391
|
0.5%
|
(1.3%)
|
|
Other assets under advisement
|
23,998
|
23,453
|
22,337
|
2.3%
|
7.4%
|
|
Assets under advisement
|
29,318
|
28,745
|
27,728
|
2.0%
|
5.7%
|
|
Total
|
|
|
|
|
|
|
Assets under management
|
103,033
|
101,521
|
98,552
|
1.5%
|
4.5%
|
|
Other assets under advisement
|
29,544
|
28,672
|
26,268
|
3.0%
|
12.5%
|
|
Assets under advisement
|
132,577
|
130,193
|
124,820
|
1.8%
|
6.2%
|
|
|
|
|
|
|
|
Asset management
|
|
|
|
|
|
|
Mackenzie
|
|
|
|
|
|
|
Mutual funds
|
68,678
|
66,826
|
60,839
|
2.8%
|
12.9%
|
|
Change due to divestiture of Quadrus
Group of Funds and Greenchip
acquisition (see Table 3)
|
(13,216)
|
|
|
N/M
|
N/M
|
|
Total Mutual Funds
|
55,462
|
66,826
|
60,839
|
(17.0%)
|
(8.8%)
|
|
ETFs
|
3,788
|
3,619
|
2,372
|
4.7%
|
59.7%
|
|
Investment funds
|
59,250
|
70,445
|
63,211
|
(15.9%)
|
(6.3%)
|
|
|
|
|
|
|
|
Institutional SMA (4)
|
8,172
|
8,051
|
5,046
|
1.5%
|
62.0%
|
|
Change due to GLC (see Table 3)
|
43,516
|
|
|
N/M
|
N/M
|
|
Total Institutional SMA
|
51,688
|
8,051
|
5,046
|
N/M
|
N/M
|
|
|
|
|
|
|
|
Total (ex sub-advisory to Wealth Management)
|
110,938
|
78,496
|
68,257
|
41.3%
|
62.5%
|
|
Sub-advisory to Wealth Management
|
75,821
|
74,788
|
73,575
|
1.4%
|
3.1%
|
|
Total
|
186,759
|
153,284
|
141,832
|
21.8%
|
31.7%
|
|
|
|
|
|
|
|
ETF's distributed to third parties
|
3,788
|
3,619
|
2,372
|
4.7%
|
59.7%
|
|
ETF's held within IGM investment funds
|
4,663
|
4,596
|
2,376
|
1.5%
|
96.3%
|
|
Total ETFs
|
8,451
|
8,215
|
4,748
|
2.9%
|
78.0%
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
Assets under management
|
213,971
|
180,017
|
166,809
|
18.9%
|
28.3%
|
|
Other assets under advisement
|
25,979
|
25,226
|
23,226
|
3.0%
|
11.9%
|
|
Assets under management and
advisement (5)
|
239,950
|
205,243
|
190,035
|
16.9%
|
26.3%
|
|
Table 3 – A cquisitions of GLC and Greenchip and the divestiture of the Quadrus Group of Funds
|
|
|
($ millions) (unaudited)
|
Mutual
Funds
|
ETF's
|
Investment
Funds
|
Institutional
SMA
|
Total
|
|
|
|
|
|
|
|
Acquisition of GLC (net) on Dec 31,2020 (a)
|
-
|
-
|
-
|
33,524
|
33,524
|
|
Disposition of Quadrus Group of Funds (net)
on Dec 31, 2020
|
|
|
|
|
|
|
Dispositions (net) (b)
|
(3,407)
|
-
|
(3,407)
|
-
|
(3,407)
|
|
Transfers (c)
|
(9,992)
|
-
|
(9,992)
|
9,992
|
-
|
|
Total
|
(13,399)
|
-
|
(13,399)
|
9,992
|
(3,407)
|
|
Acquisition of Greenchip (net) on Dec 22, 2020 (d)
|
183
|
-
|
183
|
-
|
183
|
|
Total
|
(13,216)
|
-
|
(13,216)
|
43,516
|
30,300
|
|
a
|
Acquired $37.5 billion in assets, of which $4.0 billion was sub-advisory to Mackenzie
|
|
|
|
b
|
Disposed of $7.6 billion in mutual fund contracts, of which on $5.4 billion Mackenzie will remain the sub-advisor. An additional $1.2 billion reflects Canada Life segregated funds transferring out of mutual funds managed by Mackenzie and sub-advised by third parties, and transferring into Canada Life mutual funds sub-advised by third parties
|
|
|
|
c
|
Canada Life segregated funds transferred out of mutual funds managed by Mackenzie and into mutual funds managed by Canada Life where Mackenzie is the sub-advisor.
|
|
|
|
d
|
Acquired $618 million in assets, of which $435 million was sub-advisory mandates to the Mackenzie Global Environmental Equity fund
|
Preliminary average assets under management and advisement for the quarter to date are set out in Table 4.
|
Table 4 - Average Assets under Management and Advisement
|
|
|
($ millions) (unaudited)
|
Quarter to date 2020
|
|
Wealth Management
|
|
|
IG Wealth Management
|
|
|
Assets under management
|
95,194
|
|
Other assets under advisement
|
5,101
|
|
Assets under advisement
|
100,295
|
|
IPC
|
|
|
Assets under management
|
5,225
|
|
Other assets under advisement
|
22,829
|
|
Assets under advisement
|
28,054
|
|
Total
|
|
|
Assets under management
|
100,419
|
|
Other assets under advisement
|
27,923
|
|
Assets under advisement
|
128,342
|
|
|
|
Asset management
|
|
|
Mackenzie
|
|
|
Mutual funds
|
65,804
|
|
ETFs
|
3,539
|
|
Investment funds
|
69,343
|
|
Institutional SMA (4)
|
7,843
|
|
Total
|
77,186
|
|
Sub-advisory to Wealth Management
|
73,682
|
|
Total
|
150,868
|
|
|
|
ETFs distributed to third parties
|
3,539
|
|
ETFs held within IGM investment funds
|
4,428
|
|
Total ETFs
|
7,967
|
|
|
|
Consolidated
|
|
|
Assets under management
|
177,605
|
|
Other assets under advisement
|
24,587
|
|
Assets under management and advisement (6)
|
202,192
|
|
1
|
ETF net creations excludes $32.3 million in ETF net creations to Mackenzie, IG Wealth Management and Investment Planning Counsel mutual funds.
|
|
2
|
Excludes net flows relating to sub-advisory mandates to the Wealth Management segment.
|
|
3
|
$66.4 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.
|
|
4
|
Excludes sub-advisory to Wealth Management segment.
|
|
5
|
Within total assets under management and advisement, $3.6 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at December 31, 2020. ($3.4 billion at November 30, 2020 and $3.0 billion at December 31, 2019
|
|
6
|
Within average total assets under management and advisement, $3.3 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 $240 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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