IGM:CC - IGM FINANCIAL INC. ANNOUNCES FEBRUARY 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

March, 03 2023 12:02 PM IGM Financial Inc.

IGM FINANCIAL INC. ANNOUNCES FEBRUARY 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

Canada NewsWire

WINNIPEG, MB , March 3, 2023 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net inflows of $933 million during February 2023 as shown in Table 1. Total assets under management and advisement were $258.0 billion at February 28, 2023 , compared with $259.5 billion at January 31, 2023 , and $267.7 billion at February 28, 2022 . Assets under management and advisement are shown in Table 2.

FEBRUARY HIGHLIGHTS

IGM Financial – Assets under management & advisement of $258.0 billion were down 0.6% in the month. Total net inflows were $933 million compared to net inflows of $1.3 billion in February 2022 . Investment fund net sales were $346 million compared to net sales of $1.0 billion in February 2022.

IG Wealth Management – Assets under advisement of $115.0 billion were down 0.4% in the month. Total net inflows were $489 million compared to net inflows of $783 million in February 2022 .

Mackenzie – Assets under management of $192.2 billion were down 0.8% in the month. Total net inflows were $309 million compared to net inflows of $409 million in February 2022 . Investment fund net sales were $222 million compared to net sales of $429 million in February 2022.

Table 1 - Gross and Net Flows Please see www.igmfinancial.com for file with trended history.


Wealth Management

Asset Management

($ millions) (unaudited)
IG Wealth Management
Investment Planning Counsel
Total

Mackenzie
IGM Financial
For the month ended February 28, 2023
Net flows















Mutual fund net sales
92.6
30.8
123.4

137.7
261.1

ETF net creations
-
-
-

84.7 ⁽¹⁾
84.7

Investment fund net sales
92.6
30.8
123.4

222.4
345.8

Institutional SMA net sales
-
-
-

86.9 ⁽²⁾
86.9

Managed asset net sales
92.6
30.8
123.4

309.3
432.7

Mackenzie Investment fund net sales
14.4
5.8
20.2 ⁽³⁾












IGM Product net sales
107.0
36.6
143.6












Other net flows
381.5
118.1
499.8


499.8








Net flows
488.5
154.7
643.4

309.3
932.5 ⁽³⁾








Gross flows







Mutual fund gross sales
1,085.5
114.7
1,200.2

857.9
2,058.1

Dealer gross inflows
1,441.9
511.1
1,953.0


1,953.0

Table 2 – Assets under Management and Advisement
($ millions) (unaudited)
February 2023
January 2023
% Change Last Month
Wealth Management



IG Wealth Management



Assets under management
102,469
103,289
(0.8 %)
Other assets under advisement
12,501
12,101
3.3 %
Assets under advisement
114,970
115,390
(0.4 %)
Investment Planning Counsel



Assets under management
4,754
4,771
(0.4 %)
Other assets under advisement
25,862
26,020
(0.6 %)
Assets under advisement
30,616
30,791
(0.6 %)
Total



Assets under management
107,223
108,060
(0.8 %)
Other assets under advisement
38,357
38,114
0.6 %
Assets under advisement
145,580
146,174
(0.4 %)




Asset management



Mackenzie



Mutual funds
56,462
56,705
(0.4 %)
ETFs
5,234
5,244
(0.2 %)
Investment funds
61,696
61,949
(0.4 %)




Institutional SMA
6,767
6,742
0.4 %
Sub-advisory to Canada Life
48,126
48,837
(1.5 %)
Total Institutional SMA
54,893
55,579
(1.2 %)
Total (ex sub-advisory to Wealth Management)
116,589
117,528
(0.8 %)
Sub-advisory to Wealth Management
75,638
76,260
(0.8 %)
Total
192,227
193,788
(0.8 %)




ETF's distributed to third parties
5,234
5,244
(0.2 %)
ETF's held within IGM managed products
7,091
7,079
0.2 %
Total ETFs
12,325
12,323
0.0 %




Consolidated



Assets under management
223,812
225,588
(0.8 %)
Other assets under advisement
34,161
33,901
0.8 %
Assets under management and advisement ⁽⁴⁾
257,973
259,489
(0.6 %)

Preliminary average assets under management and advisement for the quarter to date are set out in Table 3.

Table 3 - Average Assets under Management and Advisement

($ millions) (unaudited)
Quarter to date 2023
Wealth Management

IG Wealth Management

Assets under management
102,557
Other assets under advisement
12,066
Assets under advisement
114,623
Investment Planning Counsel

Assets under management
4,747
Other assets under advisement
25,676
Assets under advisement
30,423
Total

Assets under management
107,304
Other assets under advisement
37,735
Assets under advisement
145,039


Asset Management

Mackenzie

Mutual funds
56,401
ETFs
5,461
Investment funds
61,862
Institutional SMA
6,644
Sub-advisory to Canada Life
47,995
Total Institutional SMA
54,639


Total (ex sub-advisory to Wealth Management)
116,501
Sub-advisory to Wealth Management
75,260
Total
191,761


ETFs distributed to third parties
5,461
ETFs held within IGM managed products
7,029
Total ETFs
12,490


Consolidated

Assets under management
223,805
Other assets under advisement
33,569
Assets under management and advisement ⁽⁵⁾
257,374

ETF net creations excludes $72.1 million in ETF net creations to IGM managed products.

Excludes sub-advisory to Canada Life and the Wealth Management segment.

$20.3 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.

⁴

Within total assets under management and advisement, $4.2 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at February 28, 2023. ($4.2 billion at January 31, 2023).

⁵

Within average total assets under management and advisement, $4.2 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 $258 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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Company Name:	IGM Financial Inc.
Stock Symbol:	IGM:CC
Market:	TSXC
Website:	igmfinancial.com

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IGM FINANCIAL INC. ANNOUNCES FEBRUARY 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS