WINNIPEG, MB, Oct. 5, 2021 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net flows of $637 million during September 2021 as shown in Table 1. Total assets under management and advisement were $265.2 billion at September 30, 2021, compared with $271.2 billion at August 31, 2021 and $196.4 billion at September 30, 2020. Assets under management and advisement are shown in Table 2.
SEPTEMBER HIGHLIGHTS
IGM Financial- Assets under management & advisement of $265.2 billion, down 2.2% in the month and up 10.5% year to date. Record high total net inflows of $637 million up from $292 million in September 2020. Record high investment fund net sales of $546 million up from $194 million in September 2020. Record high total net inflows of $1.9 billion in the quarter up from $408 million in 2020. Record high investment fund net sales of $1.7 billion in the quarter up from $610 million in 2020.
IG Wealth – Assets under advisement of $114.0 billion, down 2.0% in the month and up 10.3% year to date. Record high net inflows of $294 million up from net outflows of $1 million in September 2020. Record high net inflows of $1.0 billion in the quarter up from net outflows of $9 million in 2020.
Mackenzie – Assets under management of $203.3 billion, down 2.2% in the month and up 9.8% year to date. Total net flows of $302 million down from $308 million in September 2020. Record high investment fund net sales were $350 million up from net sales of $349 million in 2020. Record high total net flows of $783 million in the quarter up from $627 million in 2020. Record high investment fund net sales of $1.1 billion in the quarter, up from net sales of $946 million in 2020.
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Table 1 - Gross and Net Flows
Please see www.igmfinancial.com for file with trended history.
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Wealth Management
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Asset Management
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($ millions) (unaudited)
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IG Wealth Management
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Investment Planning Counsel
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Total
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Mackenzie(3)
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IGM
Financial
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For the month ended September 30, 2021
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Net flows
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Mutual fund net sales
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187.1
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8.5
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195.6
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184.7
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380.3
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ETF net creations
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-
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-
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165.2 (1)
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165.2
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Investment fund net sales
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187.1
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8.5
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195.6
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349.9
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545.5
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Institutional SMA net sales
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-
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-
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(48.1)
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(48.1)
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Managed asset net sales
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187.1
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8.5
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195.6
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301.8
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497.4
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Mackenzie Investment Fund net sales
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14.1
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13.7
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27.8 (3)
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IGM Product net sales
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201.2
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22.2
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223.4
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|
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Other dealer net flows
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92.3
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45.8
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139.2
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139.2
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Net flows
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293.5
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68.0
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362.6
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301.8
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636.6 3)
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Gross flows
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Mutual fund gross sales
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943.9
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65.8
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1,009.7
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846.0
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1,855.7
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Dealer gross inflows
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1,033.4
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371.7
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1,405.1
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1,405.1
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Table 2 – Assets under Management and Advisement
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($ millions) (unaudited)
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September
2021
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August 2021
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% Change Last Month
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Wealth Management
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IG Wealth Management
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Assets under management
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106,551
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108,890
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(2.1 %)
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Other assets under advisement
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7,407
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7,417
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(0.1 %)
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Assets under advisement
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113,958
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116,307
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(2.0 %)
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IPC
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Assets under management
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5,503
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5,654
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(2.7 %)
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Other assets under advisement
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26,012
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26,619
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(2.3 %)
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Assets under advisement
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31,515
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32,273
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(2.3 %)
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Total
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Assets under management
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112,054
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114,544
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(2.2 %)
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Other assets under advisement
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33,409
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34,025
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(1.8 %)
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Assets under advisement
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145,463
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148,569
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(2.1 %)
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Asset management
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Mackenzie(2)
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Total Mutual funds
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62,680
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64,299
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(2.5 %)
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ETFs
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5,068
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5,110
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(0.8 %)
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Investment funds
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67,748
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69,409
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(2.4 %)
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|
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Institutional SMA
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56,350
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57,660
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(2.3 %)
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Total
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124,098
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127,069
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(2.3 %)
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Sub-advisory to Wealth Management
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79,242
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80,941
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(2.1 %)
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Total
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203,340
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208,010
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(2.2 %)
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ETF's distributed to third parties
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5,068
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5,110
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(0.8 %)
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ETF's held within IGM managed products
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6,838
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6,030
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13.4 %
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Total ETFs
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11,906
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11,140
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6.9 %
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Consolidated
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Assets under management
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236,152
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241,613
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(2.3 %)
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Other assets under advisement
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29,062
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29,581
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(1.8 %)
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Assets under management and advisement(4)
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265,214
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271,194
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(2.2 %)
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Preliminary average assets under management and advisement for the quarter to date are set out in Table 3.
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Table 3 - Average Assets under Management and Advisement
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($ millions) (unaudited)
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Quarter to date 2021
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Wealth Management
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IG Wealth Management
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Assets under management
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107,557
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Other assets under advisement
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7,263
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Assets under advisement
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114,820
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IPC
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Assets under management
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5,588
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Other assets under advisement
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26,133
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Assets under advisement
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31,721
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Total
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Assets under management
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113,145
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Other assets under advisement
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33,385
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Assets under advisement
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145,530
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Asset Management
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|
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Mackenzie(2)
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Mutual funds
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63,344
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ETFs
|
5,082
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Investment funds
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68,426
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Institutional SMA
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56,755
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Total
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125,181
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Sub-advisory to Wealth Management
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79,669
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Total
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204,850
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ETFs distributed to third parties
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5,082
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ETFs held within IGM managed products
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6,043
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Total ETFs
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11,125
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Consolidated
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Assets under management
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238,326
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Other assets under advisement
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29,028
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Assets under management and advisement(5)
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267,354
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1
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ETF net creations excludes $943.3 million in ETF net creations to IGM managed products.
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2
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Excludes sub-advisory to Wealth Management segment.
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3
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$27.8 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.
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4
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Within total assets under management and advisement, $4.3 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at September 30, 2021. ($4.4 billion at August 31, 2021).
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5
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Within average total assets under management and advisement, $4.4 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 $265 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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