IGM:CC - IGM FINANCIAL INC. ANNOUNCES OCTOBER 2022 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

November, 03 2022 02:15 PM IGM Financial Inc.

IGM FINANCIAL INC. ANNOUNCES OCTOBER 2022 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

Canada NewsWire

WINNIPEG, MB , Nov. 3, 2022 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $123 million during October 2022 as shown in Table 1. Total assets under management and advisement were $245.7 billion at October 31, 2022 , compared with $238.1 billion at September 30, 2022 , and $271.1 billion at October 31, 2021 . Assets under management and advisement are shown in Table 2.

OCTOBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $245.7 billion were up 3.2% in the month. Total net outflows were $123 million compared to net inflows of $213 million in October 2021 . Investment fund net redemptions were $652 million compared to net sales of $425 million in October 2021.

IG Wealth Management – Assets under advisement of $108.3 billion were up 3.2% in the month. Total net inflows were $150 million compared to net inflows of $311 million in October 2021 .

Mackenzie – Assets under management of $185.0 billion were up 2.5% in the month. Total net outflows were $405 million compared to net outflows of $74 million in October 2021 . Investment fund net redemptions were $359 million compared to net sales of $279 million in October 2021.

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 October 31, 2022
Net flows















Mutual fund net sales
(251.1)
(42.5)
(293.6)

(305.9)
(599.5)

ETF net creations
-
-
-

(52.7) ⁽¹⁾
(52.7)

Investment fund net sales
(251.1)
(42.5)
(293.6)

(358.6)
(652.2)

Institutional SMA net sales
-
-
-

(46.8) ⁽²⁾
(46.8)

Managed asset net sales
(251.1)
(42.5)
(293.6)

(405.4)
(699.0)

Mackenzie Investment fund net sales
(6.3)
(9.1)
(15.4) ⁽³⁾












IGM Product net sales
(257.4)
(51.6)
(309.0)












Other net flows
407.7
168.0
575.9


575.9








Net flows
150.3
116.4
266.9

(405.4)
(123.1) ⁽³⁾








Gross flows







Mutual fund gross sales
603.5
34.5
638.0

403.7
1,041.7

Dealer gross inflows
896.8
431.0
1,327.8


1,327.8

Table 2 – Assets under Management and Advisement
($ millions) (unaudited)
October 2022
September 2022
% Change Last Month
Wealth Management



IG Wealth Management



Assets under management
98,157
95,460
2.8 %
Other assets under advisement
10,186
9,569
6.4 %
Assets under advisement
108,343
105,029
3.2 %
Investment Planning Counsel



Assets under management
4,660
4,575
1.9 %
Other assets under advisement
24,560
23,711
3.6 %
Assets under advisement
29,220
28,286
3.3 %
Total



Assets under management
102,817
100,035
2.8 %
Other assets under advisement
34,739
33,274
4.4 %
Assets under advisement
137,556
133,309
3.2 %




Asset management



Mackenzie



Mutual funds
54,027
52,541
2.8 %
ETFs
4,961
5,010
(1.0 %)
Investment funds
58,988
57,551
2.5 %




Institutional SMA
6,242
6,106
2.2 %
Sub-advisory to Canada Life
46,902
45,015
4.2 %
Total Institutional SMA
53,144
51,121
4.0 %




Total (ex sub-advisory to Wealth Management)
112,132
108,672
3.2 %
Sub-advisory to Wealth Management
72,858
71,834
1.4 %
Total
184,990
180,506
2.5 %




ETF's distributed to third parties
4,961
5,010
(1.0 %)
ETF's held within IGM managed products
6,904
6,470
6.7 %
Total ETFs
11,865
11,480
3.4 %




Consolidated



Assets under management
214,949
208,707
3.0 %
Other assets under advisement
30,755
29,398
4.6 %
Assets under management and advisement ⁽⁴⁾
245,704
238,105
3.2 %

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 2022
Wealth Management

IG Wealth Management

Assets under management
96,474
Other assets under advisement
9,853
Assets under advisement
106,327
Investment Planning Counsel

Assets under management
4,588
Other assets under advisement
24,165
Assets under advisement
28,753
Total

Assets under management
101,062
Other assets under advisement
34,011
Assets under advisement
135,073


Asset Management

Mackenzie

Mutual funds
53,056
ETFs
4,880
Investment funds
57,936
Institutional SMA
6,174
Sub-advisory to Canada Life
45,958
Total Institutional SMA
52,132


Total (ex sub-advisory to Wealth Management)
110,068
Sub-advisory to Wealth Management
72,277
Total
182,345


ETFs distributed to third parties
4,880
ETFs held within IGM managed products
6,677
Total ETFs
11,557


Consolidated

Assets under management
211,130
Other assets under advisement
30,081
Assets under management and advisement ⁽⁵⁾
241,211

ETF net creations excludes $189.1 million in ETF net creations to IGM managed products.

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

($15.4) 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, $4.0 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at October 31, 2022. ($3.9 billion at September 30, 2022).

⁵

Within average total assets under management and advisement, $3.9 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 $246 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 OCTOBER 2022 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS