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

July, 06 2023 05:33 PM IGM Financial Inc.

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

Canada NewsWire

WINNIPEG, MB , July 6, 2023 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net inflows of $119 million during June 2023 as shown in Table 1. Total assets under management and advisement were $261.1 billion at June 30, 2023 , compared with $256.6 billion at May 31, 2023 and $242.1 billion at June 30, 2022 . Assets under management and advisement are shown in Table 2.

JUNE HIGHLIGHTS
IGM Financial – Assets under management & advisement of $261.1 billion were up 1.7% in the month. Total net inflows were $119 million compared to net outflows of $389 million in June 2022 . Investment fund net redemptions were $331 million compared to net redemptions of $519 million in June 2022.

IG Wealth Management – Assets under advisement of $116.8 billion were up 1.7% in the month. Total net outflows were $138 million compared to net inflows of $174 million in June 2022 .

Mackenzie – Assets under management of $193.3 billion were up 1.6% in the month. Total net sales were $283 million compared to net redemptions of $623 million in June 2022 . Investment fund net redemptions were $162 million compared to net redemptions of $447 million in June 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 June 30, 2023
Net flows















Mutual fund net sales
(168.8)
(0.8)
(169.6)

(160.3)
(329.9)

ETF net creations
-
-
-

(1.5) ⁽¹⁾
(1.5)

Investment fund net sales
(168.8)
(0.8)
(169.6)

(161.8)
(331.4)

Institutional SMA net sales
-
-
-

445.0 ⁽²⁾⁽³⁾
445.0

Managed asset net sales
(168.8)
(0.8)
(169.6)

283.2
113.6

Mackenzie Investment fund net sales

(12.7)
(12.7) ⁽⁴⁾












IGM Product net sales
(168.8)
(13.5)
(182.3)












Other net flows
30.6
(25.9)
5.1


5.1








Net flows
(138.2)
(39.4)
(177.2)

283.2
118.7 ⁽⁴⁾








Gross flows







Mutual fund gross sales
956.7
87.7
1,044.4

630.1
1,674.5

Dealer gross inflows
1,026.8
364.4
1,391.2


1,391.2

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



IG Wealth Management



Assets under management
104,761
103,019
1.7 %
Other assets under advisement
12,053
11,818
2.0 %
Assets under advisement
116,814
114,837
1.7 %
Investment Planning Counsel



Assets under management
4,901
4,823
1.6 %
Other assets under advisement
26,094
25,721
1.5 %
Assets under advisement
30,995
30,544
1.5 %
Total



Assets under management
109,662
107,842
1.7 %
Other assets under advisement
38,140
37,531
1.6 %
Assets under advisement
147,802
145,373
1.7 %




Asset management



Mackenzie



Mutual funds
56,371
55,260
2.0 %
ETFs
5,168
5,115
1.0 %
Investment funds
61,539
60,375
1.9 %




Institutional SMA
7,203
6,655
8.2 %
Sub-advisory to Canada Life
47,871
47,489
0.8 %
Total Institutional SMA
55,074
54,144
1.7 %
Total third party assets under management
116,613
114,519
1.8 %
Sub-advisory and AUM to Wealth Management
76,722
75,678
1.4 %
Total
193,335
190,197
1.6 %




ETF's distributed to third parties
5,168
5,115
1.0 %
ETF's held within IGM managed products
7,704
7,720
(0.2 %)
Total ETFs
12,872
12,835
0.3 %




Consolidated



Assets under management
226,275
222,361
1.8 %
Other assets under advisement
34,831
34,273
1.6 %
Assets under management and advisement ⁽⁵⁾
261,106
256,634
1.7 %

Table 3 - Average Assets under Management and Advisement

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

IG Wealth Management

Assets under management
104,221
Other assets under advisement
11,836
Assets under advisement
116,057
Investment Planning Counsel

Assets under management
4,842
Other assets under advisement
26,049
Assets under advisement
30,891
Total

Assets under management
109,063
Other assets under advisement
37,878
Assets under advisement
146,941


Asset Management

Mackenzie

Mutual funds
56,072
ETFs
5,129
Investment funds
61,201
Institutional SMA
6,870
Sub-advisory to Canada Life
48,247
Total Institutional SMA
55,117


Total third party assets under management
116,318
Sub-advisory and AUM to Wealth Management
76,734
Total
193,052


ETFs distributed to third parties
5,129
ETFs held within IGM managed products
7,785
Total ETFs
12,914


Consolidated

Assets under management
225,381
Other assets under advisement
34,565
Assets under management and advisement ⁽⁶⁾
259,946

ETF net creations excludes ($118.3) million in ETF net creations to IGM managed products and ($1.5) million in investment fund flows through the IG Wealth Management (IGWM) segment.

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

During June 2023, Mackenzie onboarded an institutional mandate of $490 million.

⁴

($12.7) million in Mackenzie investment fund net flows through Investment Planning Counsel have been eliminated on consolidation.

⁵

Within total assets under management and advisement, $3.3 billion in Mackenzie investment funds distributed through the Investment Planning Counsel segment eliminates on consolidation at June 30, 2023. ($3.3 billion at May 31, 2023).

⁶

Within average total assets under management and advisement, $3.3 billion in Mackenzie mutual funds distributed through the Investment Planning Counsel 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 $261 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 JUNE 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS