WINNIPEG, MB , Feb. 5, 2021 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net flows of $437.6 million during January 2021 as shown in Table 1. Total assets under management and advisement were $239.1 billion at January 31, 2021 , compared with $240.0 billion at December 31, 2020 and $192.3 billion at January 31, 2020 . Assets under management and advisement are shown in Table 2.
JANUARY HIGHLIGHTS
IGM Financial – Record high net inflows of $437.6 million in January 2021 , up from $223.7 million in January 2020 .
Investment fund net sales of $618.9 million up from $211.8 MM in January 2020. Excluding institutional rebalancing, January 2021 investment fund net sales were $853.9 million compared to $9.6 million in January 2020 .
IG Wealth – Net flows of $182.1 million is the best January result in a decade and up from net flows of ($58.8) million in January 2020. Mutual fund net sales of $105.3 million up from net redemptions of ($82.3) million in January 2020 .
Mackenzie – Record high investment fund net sales of $544.0 million compared to $324.8 million in January 2020. Excluding institutional rebalancing, January 2021 investment fund net sales were $779.0 million compared to $122.6 million in January 2020. Record high net sales of $455.7 million up from $282.8 million in January 2020 .
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Table 1 - Gross and Net Flows
|
|
|
Wealth Management
|
|
Asset
Management
|
|
|
($ millions) (unaudited)
|
IG Wealth
Management
|
Investment
Planning
Counsel
|
Total
|
|
Mackenzie
|
IGM
Financial
|
|
For the month ended January 31, 2021
|
|
Net flows
|
182.1
|
(137.4)
|
44.8
|
|
455.7
|
437.6 (4)
|
|
|
|
|
|
|
|
|
|
Mutual fund net sales
|
105.3
|
(30.4)
|
74.9
|
|
295.3 (1)
|
370.2
|
|
ETF net creations (2)
|
-
|
-
|
-
|
|
248.7
|
248.7
|
|
Investment fund net sales
|
105.3
|
(30.4)
|
74.9
|
|
544.0
|
618.9
|
|
Institutional SMA net sales
|
-
|
-
|
-
|
|
(88.3)
|
(88.3)
|
|
Managed asset net sales
|
105.3
|
(30.4)
|
74.9
|
|
455.7
|
530.6
|
|
|
|
|
|
|
|
|
|
Other dealer net flows
|
76.8
|
(107.0)
|
(30.1)
|
|
-
|
(93.0) (3)
|
|
|
|
|
|
|
|
|
|
Gross flows
|
|
|
|
|
|
|
|
Mutual fund gross sales
|
981.4
|
69.3
|
1,050.7
|
|
1,284.8
|
2,335.5
|
|
Dealer gross inflows
|
999.3
|
463.1
|
1,462.4
|
|
-
|
1,462.4
|
|
1 During January 2021, an institutional investor which includes Mackenzie mutual funds in its investment offerings made fund allocation changes resulting in redemptions of $235 million.
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|
Table 2 - Assets under Management and Advisement
|
|
($ millions) (unaudited)
|
January 2021
|
December 2020
|
% Change Last
Month
|
|
Wealth Management
|
|
|
|
|
IG Wealth Management
|
|
|
|
|
Assets under management
|
97,318
|
97,713
|
(0.4%)
|
|
Other assets under advisement
|
5,671
|
5,560
|
2.0%
|
|
Assets under advisement
|
102,989
|
103,273
|
(0.3%)
|
|
IPC
|
|
|
|
|
Assets under management
|
5,263
|
5,320
|
(1.1%)
|
|
Other assets under advisement
|
23,762
|
23,998
|
(1.0%)
|
|
Assets under advisement
|
29,025
|
29,318
|
(1.0%)
|
|
Total
|
|
|
|
|
Assets under management
|
102,581
|
103,033
|
(0.4%)
|
|
Other assets under advisement
|
29,423
|
29,550
|
(0.4%)
|
|
Assets under advisement
|
132,004
|
132,583
|
(0.4%)
|
|
|
|
|
|
Asset management
|
|
|
|
|
Mackenzie
|
|
|
|
|
Mutual funds
|
55,434
|
68,678
|
N/M
|
|
Change due to GLC and Greenchip (see Table 3)
|
|
(13,216)
|
|
|
Total Mutual funds
|
55,434
|
55,462
|
(0.1%)
|
|
ETFs
|
4,031
|
3,788
|
6.4%
|
|
Investment funds
|
59,465
|
59,250
|
0.4%
|
|
|
|
|
|
Institutional SMA (4)
|
51,254
|
8,172
|
N/M
|
|
Change due to GLC and Greenchip (see Table 3)
|
|
43,516
|
|
|
Total Institutional SMA
|
51,254
|
51,688
|
(0.8%)
|
|
|
|
|
|
Total (ex sub-advisory to Wealth Management)
|
110,719
|
110,938
|
(0.2%)
|
|
Sub-advisory to Wealth Management
|
75,281
|
75,821
|
(0.7%)
|
|
Total
|
186,000
|
186,759
|
(0.4%)
|
|
|
|
|
|
ETF's distributed to third parties
|
4,031
|
3,788
|
6.4%
|
|
ETF's held within IGM investment funds
|
4,827
|
4,663
|
3.5%
|
|
Total ETFs
|
8,858
|
8,451
|
4.8%
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Assets under management
|
213,300
|
213,971
|
(0.3%)
|
|
Other assets under advisement
|
25,814
|
25,979
|
(0.6%)
|
|
Assets under management and advisement (5)
|
239,114
|
239,950
|
(0.3%)
|
|
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 $435 million was sub-advisory mandates to the Mackenzie Global Environmental Equity fund
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Preliminary average assets under management and advisement for the quarter to date are set out in Table 4.
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Table 4 - Average Assets under Management and Advisement
|
|
|
($ millions) (unaudited)
|
Quarter to date 2021
|
|
Wealth Management
|
|
|
IG Wealth Management
|
|
|
Assets under management
|
98,532
|
|
Other assets under advisement
|
5,652
|
|
Assets under advisement
|
104,184
|
|
IPC
|
|
|
Assets under management
|
5,332
|
|
Other assets under advisement
|
23,839
|
|
Assets under advisement
|
29,171
|
|
Total
|
|
|
Assets under management
|
103,864
|
|
Other assets under advisement (4)
|
29,483
|
|
Assets under advisement
|
133,347
|
|
|
|
Asset management
|
|
|
Mackenzie
|
|
|
Mutual funds
|
55,820
|
|
ETFs
|
3,966
|
|
Investment funds
|
59,786
|
|
Institutional SMA
|
51,472
|
|
Total
|
111,258
|
|
Sub-advisory to Wealth Management
|
75,631
|
|
Total
|
186,889
|
|
|
|
ETFs distributed to third parties
|
3,966
|
|
ETFs held within IGM investment funds
|
4,750
|
|
Total ETFs
|
8,716
|
|
|
|
Consolidated
|
|
|
Assets under management
|
215,122
|
|
Other assets under advisement
|
25,893
|
|
Assets under management and advisement (6)
|
241,015
|
|
2 ETF net creations excludes $183.8 million in ETF net creations to Mackenzie, IG Wealth Management, and Investment Planning Counsel mutual funds.
|
|
3 $62.9 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 January 31, 2021. ($3.6 billion at December 31, 2020 and $3.1 billion at January 31, 2020)
|
|
6 Within average total assets under management and advisement, $3.6 billion in Mackenzie mutual funds distributed through the Wealth Management segment eliminates on consolidation.
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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 $239 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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