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

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WINNIPEG, MB, June 3, 2022 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $26 million during May 2022 as shown in Table 1. Total assets under management and advisement were $255.8 billion at May 31, 2022, compared with $257.4 billion at April 30, 2022, and $256.1 billion at May 31, 2021. Assets under management and advisement are shown in Table 2.

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

MAY HIGHLIGHTS

IGM Financial – Assets under management & advisement of $255.8 billion were down 0.6% in the month. Total net outflows were $26 million compared to net inflows of $1.5 billion in May 2021. Investment fund net redemptions were $385 million compared to net sales of $660 million in May 2021.

IG Wealth Management – Assets under advisement of $111.1 billion were down 0.5% in the month. Total net inflows were $174 million compared to net inflows of $241 million in May 2021.

Mackenzie – Assets under management of $195.7 billion were down 0.7% in the month. Total net outflows were $268 million compared to net inflows of $1.2 billion in May 2021. Investment fund net redemptions were $322 million compared to net sales of $595 million in May 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 May 31, 2022

Net flows 
















Mutual fund net sales

(29.7)

(33.8)

(63.5)


(264.2)

(327.7)


ETF net creations

-

-

-


(57.3)(1)

(57.3)


Investment fund net sales

(29.7)

(33.8)

(63.5)


(321.5)

(385.0)


Institutional SMA net sales

-

-

-


53.7

53.7


Managed asset net sales

(29.7)

(33.8)

(63.5)


(267.8)

(331.3)










Mackenzie Investment fund net sales

(6.3)

(6.0)

(12.3)2)













IGM Product net sales

(36.0)

(39.8)

(75.8)













Other dealer net flows

209.6

94.8

305.8



305.8









Net flows 

173.6

55.0

230.0


(267.8)

(25.5)4)









Gross flows








Mutual fund gross sales

901.9

42.4

944.3


598.6

1,542.9


Dealer gross inflows

1,046.1

386.3

1,432.4



1,432.4

 

Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

May

 2022

April

 2022

% Change
Last Month

Wealth Management




IG Wealth Management




     Assets under management

102,098

102,793

(0.7%)

     Other assets under advisement

8,994

8,841

1.7%

     Assets under advisement

111,092

111,634

(0.5%)

Investment Planning Counsel




     Assets under management

4,912

5,018

(2.1%)

     Other assets under advisement

25,318

25,454

(0.5%)

     Assets under advisement

30,230

30,472

(0.8%)

Total




     Assets under management

107,010

107,811

(0.7%)

     Other assets under advisement

34,304

34,285

0.1%

     Assets under advisement

141,314

142,096

(0.6%)





Asset management




Mackenzie




     Mutual funds

56,878

57,619

(1.3%)

     ETFs

5,605

5,777

(3.0%)

     Investment funds

62,483

63,396

(1.4%)





     Institutional SMA

6,792

6,806

(0.2%)

     Sub-advisory to Canada Life

49,357

49,338

-

     Total Institutional SMA

56,149

56,144

-





      Total (ex sub-advisory to Wealth Management)

118,632

119,540

(0.8%)

     Sub-advisory to Wealth Management

77,083

77,574

(0.6%)

     Total

195,715

197,114

(0.7%)





     ETF's distributed to third parties

5,605

5,777

(3.0%)

     ETF's held within IGM managed products

6,768

6,787

(0.3%)

     Total ETFs

12,373

12,564

(1.5%)





Consolidated




     Assets under management

225,642

227,351

(0.8%)

     Other assets under advisement

30,129

30,063

0.2%

     Assets under management and advisement(4)

255,771

257,414

(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 2022

 

Wealth Management



IG Wealth Management



     Assets under management

103,371


     Other assets under advisement

8,912


     Assets under advisement

112,283


Investment Planning Counsel



     Assets under management

5,027


     Other assets under advisement

25,694


     Assets under advisement

30,721


Total



     Assets under management

108,398


     Other assets under advisement

34,597


     Assets under advisement

142,995





Asset Management



Mackenzie



     Mutual funds

57,915


     ETFs

5,709


     Investment funds

63,624





     Institutional SMA

6,896


     Sub-advisory to Canada Life

50,066


     Total Institutional SMA

56,962





     Total (ex sub-advisory to Wealth Management)

120,586


     Sub-advisory to Wealth Management

78,437


     Total

199,023





     ETFs distributed to third parties

5,709


     ETFs held within IGM managed products

6,843


     Total ETFs

12,552





Consolidated



     Assets under management

228,984


     Other assets under advisement

30,340


     Assets under management and advisement(5)

259,324





1

ETF net creations excludes $44.7 million in ETF net creations to IGM managed products.

2

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

3

($12.3) 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 May 31, 2022. ($4.2 billion at April 30, 2022).

5

Within average total assets under management and advisement, $4.3 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 $256 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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