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

November, 03 2023 02:02 PM IGM Financial Inc.

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

Canada NewsWire

WINNIPEG, MB , Nov. 3, 2023 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $27 million during October 2023 as shown in Table 1. Total assets under management and advisement were $250.3 billion at October 31, 2023 , compared with $253.4 billion at September 30, 2023 , and $245.7 billion at October 31, 2022 . Assets under management and advisement are shown in Table 2.

OCTOBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $250.3 billion were down 1.2% in the month. Total net outflows were $27 million compared to net outflows of $123 million in October 2022 . Investment fund net redemptions were $735 million compared to net redemptions of $652 million in October 2022 . ⁽¹⁾

IG Wealth Management – Assets under advisement of $113.5 billion down 0.6% in the month. Total net outflows were $26 million compared to net inflows of $150 million in October 2022 .

Mackenzie – Assets under management of $183.3 billion were down 1.6% in the month. Total net redemptions were $300 million compared to net redemptions of $405 million in October 2022 . Investment fund net redemptions were $356 million compared to net redemptions of $359 million in October 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 October 31, 2023
Net flows















Mutual fund net sales
(376.3)
(3.2)
(379.5)

(364.7)
(744.2)

ETF net creations
-
-
-

9.1 ⁽²⁾
9.1

Investment fund net sales
(376.3)
(3.2)
(379.5)

(355.6)
(735.1)

Institutional SMA net sales
-
-
-

55.9 ⁽³⁾
55.9

Managed asset net sales
(376.3)
(3.2)
(379.5)

(299.7)
(679.2)

Mackenzie Investment fund net sales

(8.7)
(8.7) ⁽⁴⁾












IGM Product net sales
(376.3)
(11.9)
(388.2)












Other net flows
350.3
301.8
652.5


652.5








Net flows
(26.0)
289.9
264.3

(299.7)
(26.7) ⁽⁴⁾








Gross flows







Mutual fund gross sales
773.2
101.2
874.4

510.1
1,384.5

Dealer gross inflows
963.2
683.1
1,646.3


1,646.3

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



IG Wealth Management



Assets under management
100,782
101,945
(1.1 %)
Other assets under advisement
12,687
12,259
3.5 %
Assets under advisement
113,469
114,204
(0.6 %)
Investment Planning Counsel



Assets under management
4,819
4,856
(0.8 %)
Other assets under advisement
25,411
25,441
(0.1 %)
Assets under advisement
30,230
30,297
(0.2 %)
Total



Assets under management
105,601
106,801
(1.1 %)
Other assets under advisement
38,090
37,693
1.1 %
Assets under advisement
143,691
144,494
(0.6 %)




Asset management



Mackenzie



Mutual funds
52,722
53,950
(2.3 %)
ETFs
4,944
5,050
(2.1 %)
Investment funds
57,666
59,000
(2.3 %)




Institutional SMA
7,080
7,102
(0.3 %)
Sub-advisory to Canada Life
44,999
45,906
(2.0 %)
Total Institutional SMA
52,079
53,008
(1.8 %)
Total third party assets under management
109,745
112,008
(2.0 %)
Sub-advisory and AUM to Wealth Management
73,562
74,325
(1.0 %)
Total
183,307
186,333
(1.6 %)




ETF's distributed to third parties
4,944
5,050
(2.1 %)
ETF's held within IGM managed products
7,259
7,450
(2.6 %)
Total ETFs
12,203
12,500
(2.4 %)




Total



Assets under management
215,346
218,809
(1.6 %)
Other assets under advisement
34,973
34,546
1.2 %
Assets under management and advisement ⁽⁵⁾
250,319
253,355
(1.2 %)

Table 3 - Average Assets under Management and Advisement

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

IG Wealth Management

Assets under management
101,409
Other assets under advisement
12,320
Assets under advisement
113,729
Investment Planning Counsel

Assets under management
4,827
Other assets under advisement
25,436
Assets under advisement
30,263
Total

Assets under management
106,236
Other assets under advisement
37,749
Assets under advisement
143,985


Asset Management

Mackenzie

Mutual funds
53,347
ETFs
4,951
Investment funds
58,298
Institutional SMA
7,091
Sub-advisory to Canada Life
45,452
Total Institutional SMA
52,543


Total third party assets under management
110,841
Sub-advisory and AUM to Wealth Management
73,937
Total
184,778


ETFs distributed to third parties
4,951
ETFs held within IGM managed products
7,334
Total ETFs
12,285


Total

Assets under management
217,077
Other assets under advisement
34,618
Assets under management and advisement ⁽⁶⁾
251,695

Includes Investment Planning Counsel now reported as Discontinued operations.

ETF net creations excludes ($156.6) million in ETF net creations to IGM managed products and $3.4 million in investment fund flows through the IG Wealth Management (IGWM) segment.

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

⁴

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

⁵

Within total assets under management and advisement, $3.1 billion in Mackenzie investment funds distributed through the Investment Planning Counsel segment eliminates on consolidation at October 31, 2023. ($3.1 billion at September 30, 2023).

⁶

Within average total assets under management and advisement, $3.1 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.

"Discontinued operations" - Reflects the activities of Investment Planning Counsel. On April 3, 2023 , IGM Financial announced the sale of 100% of the common shares of Investment Planning Counsel Inc. for cash consideration of $575 million . The transaction is expected to close by the end of 2023, subject to regulatory approvals.

IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $250 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 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS