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

WINNIPEG, MB, Sept. 6, 2022 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net inflows of $27 million during August 2022 as shown in Table 1. Total assets under management and advisement were $247.2 billion at August 31, 2022, compared with $252.9 billion at July 31, 2022, and $271.2 billion at August 31, 2021. Assets under management and advisement are shown in Table 2.

IGM Financial Inc. logo (CNW Group/IGM Financial Inc.)

AUGUST HIGHLIGHTS

IGM Financial – Assets under management & advisement of $247.2 billion were down 2.2% in the month. Total net inflows were $27 million compared to net inflows of $784 million in August 2021. Investment fund net redemptions were $178 million compared to net sales of $575 million in August 2021.

IG Wealth Management – Assets under advisement of $108.6 billion were down 1.7% in the month. Total net inflows were $179 million compared to net inflows of $375 million in August 2021.

Mackenzie – Assets under management of $187.9 billion were down 2.4% in the month. Total net outflows were $204 million compared to net inflows of $307 million in August 2021. Investment fund net redemptions were $149 million compared to net sales of $363 million in August 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(2)(3)

IGM

Financial

For the month ended August 31, 2022

Net flows 

Mutual fund net sales

(24.8)

(3.7)

(28.5)

(136.3)

(164.8)

ETF net creations

(13.0)(1)

(13.0)

Investment fund net sales

(24.8)

(3.7)

(28.5)

(149.3)

(177.8)

Institutional SMA net sales

(54.5)

(54.5)

Managed asset net sales

(24.8)

(3.7)

(28.5)

(203.8)

(232.3)

Mackenzie Investment fund net sales

4.3

(6.1)

(1.8)(2)

IGM Product net sales

(20.5)

(9.8)

(30.3)

Other net flows

199.4

58.8

259.3

259.3

Net flows 

178.9

49.0

229.0

(203.8)

27.0(3)

Gross flows

Mutual fund gross sales

728.3

52.5

780.8

451.6

1,232.4

Dealer gross inflows

966.9

315.6

1,282.5

1,282.5

Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

August

 2022

July

 2022

% Change
Last Month

Wealth Management

IG Wealth Management

Assets under management

99,039

100,966

(1.9 %)

Other assets under advisement

9,540

9,453

0.9 %

Assets under advisement

108,579

110,419

(1.7 %)

Investment Planning Counsel

Assets under management

4,746

4,846

(2.1 %)

Other assets under advisement

24,604

25,053

(1.8 %)

Assets under advisement

29,350

29,899

(1.8 %)

Total

Assets under management

103,785

105,812

(1.9 %)

Other assets under advisement

34,137

34,499

(1.0 %)

Assets under advisement

137,922

140,311

(1.7 %)

Asset management

Mackenzie

Mutual funds

54,869

56,263

(2.5 %)

ETFs

5,330

5,467

(2.5 %)

Investment funds

60,199

61,730

(2.5 %)

Institutional SMA

6,415

6,488

(1.1 %)

Sub-advisory to Canada Life

46,736

48,495

(3.6 %)

Total Institutional SMA

53,151

54,983

(3.3 %)

 

Total (ex sub-advisory to Wealth Management)

113,350

116,713

(2.9 %)

Sub-advisory to Wealth Management

74,505

75,816

(1.7 %)

Total

187,855

192,529

(2.4 %)

ETF’s distributed to third parties

5,330

5,467

(2.5 %)

ETF’s held within IGM managed products

6,519

6,640

(1.8 %)

Total ETFs

11,849

12,107

(2.1 %)

Consolidated

Assets under management

217,135

222,525

(2.4 %)

Other assets under advisement

30,086

30,363

(0.9 %)

Assets under management and advisement(4)

247,221

252,888

(2.2 %)

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

99,690

Other assets under advisement

9,342

Assets under advisement

109,032

Investment Planning Counsel

Assets under management

4,776

Other assets under advisement

24,684

          Assets under advisement

29,460

Total

Assets under management

104,466

Other assets under advisement

34,019

Assets under advisement

138,485

Asset Management

Mackenzie

Mutual funds

55,424

ETFs

5,418

Investment funds

60,842

 

Institutional SMA

6,416

Sub-advisory to Canada Life

47,269

Total Institutional SMA

53,685

Total (ex sub-advisory to Wealth Management)

114,527

Sub-advisory to Wealth Management

74,469

Total

188,996

ETFs distributed to third parties

5,418

ETFs held within IGM managed products

6,490

Total ETFs

11,908

Consolidated

Assets under management

218,993

Other assets under advisement

29,953

Assets under management and advisement(5)

248,946

1

ETF net creations excludes ($54.7) million in ETF net creations to IGM managed products.

2

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

3

($1.8) 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, $4.1 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at August 31, 2022. ($4.1 billion at July 31, 2022).

5

Within average total assets under management and advisement, $4.1 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 $247 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.

Cision

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