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IGM Financial Inc. Announces September 2019 Investment Fund Sales and Total Assets Under Management

WINNIPEG , Oct. 2, 2019 /CNW/ - IGM Financial Inc. (IGM) (IGM.TO) today reported preliminary total investment fund net new money of ($145.2) million as shown in Table 1. Investment fund assets under management were $157.6 billion at September 30, 2019 , compared with $156.8 billion at August 31, 2019 and $153.4 billion at September 30, 2018 . Total assets under management were $162.5 billion at September 30, 2019 , compared with $161.7 billion at August 31, 2019 and $159.7 billion at September 30, 2018 . Assets under management are shown in Table 2.

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

Table 1 - Net New Money

Month ended September 30, 2019

($millions) (unaudited)

IG Wealth

Management

Mackenzie

Investments

Investment

Planning

Counsel3

Intercompany

Eliminations1

IGM

Financial







Mutual Funds






Gross Sales

$649.8

$748.3

$49.6


$1,447.7

Net New Money

($153.2)

$25.5

($19.7)


($147.4)







ETFs






Net New Money


$97.2



$97.2

 

Inter-product Eliminations


 

($82.6)2


 

($12.4)

 

($95.0)







Consolidated






Net New Money

($153.2)

$40.1

($19.7)

($12.4)

($145.2)

 

1

Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $12.4 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.

2

$82.6 million of net new money in ETFs by Mackenzie Investments mutual funds.

3

Preliminary Counsel mutual funds net new money do not include sales/redemptions in the IPC Private Wealth

program. IPC Private Wealth program flows are included in figures presented in MD&A.



*

Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial.



 

Table 2 - Assets under Management

($billions) (unaudited)

September

2019

August

2019

September

2018

% Change

Last Month

% Change

YOY







IGM Financial

Total Assets under Management4

$162.54

$161.74

$159.71

0.5

 

1.8







IGM Financial

Investment Funds

Assets under Management4

$157.58

$156.78

$153.43

0.5

 

2.7







IG Wealth Management






Mutual Funds

$90.78

$90.21

$88.99

0.6

2.0

Total IG Wealth Management

$90.78

$90.21

$88.99

0.6

2.0







Mackenzie Investments






Mutual Funds

$59.28

$59.05

$57.34

0.4

3.4

ETFs

$4.05

$3.98

$2.96

1.8

36.8

Inter-product Eliminations5

($1.18)

($1.10)

($0.81)

7.3

45.7

Investment Funds

$62.15

$61.93

$59.49

0.4

4.5

Sub-advisory, institutional and other

$6.12

$6.15

$7.86

(0.5)

(22.1)

Total Mackenzie Investments

$68.27

$68.08

$67.35

0.3

1.4













Investment Planning Counsel6

$5.36

$5.34

$5.53

0.4

(3.1)







 

4

Mackenzie sub-advisory mandates to Investment Planning Counsel mutual funds and investment in Mackenzie investment funds by mutual funds managed by IG Wealth Management or Investment Planning Counsel are reported within Mackenzie's results and are eliminated within IGM Financial consolidated results:


-

Amounts eliminated within IGM Financial consolidated total assets were $1.9 billion at September 30, 2019 ($1.9 billion at August 31, 2019 and $2.2 billion at September 30, 2018).


-

Amounts eliminated within IGM Financial consolidated investment fund assets were $715 million at September 30, 2019 ($703 million at August 31, 2019, $586 million at September 30, 2018).

5

Mackenzie mutual fund investment in ETFs of $1.2 billion as at September 30, 2019 ($1.1 billion as at August 31, 2019 and $813 million as at September 30, 2018).

6

IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.

 

Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.

Table 3 - Average Assets under Management7


($billions) (unaudited)

Quarter to Date



IGM Financial

Total Average Assets under Management8

$162.07



IGM Financial

Investment Funds Average Assets under Management8

$156.84



IG Wealth Management


Mutual Funds

$90.36

Total IG Wealth Management

$90.36



Mackenzie Investments


Mutual Funds

$59.06

ETFs

$3.81

Inter-product Eliminations9

($1.07)

Investment Funds

$61.80

Sub-advisory, institutional and other

$6.41

Total Mackenzie Investments

$68.21



Investment Planning Counsel10

$5.37

 

7

Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets.

8

Mackenzie sub-advisory mandates to Investment Planning Counsel mutual funds and investment in Mackenzie investment funds by mutual funds managed by IG Wealth Management or Investment Planning Counsel are reported within Mackenzie's results and are eliminated within IGM Financial consolidated results:


-

Amounts eliminated within IGM Financial consolidated total assets were $1.9  billion at September 30, 2019.


-

Amounts eliminated within IGM Financial consolidated investment fund assets were $697 million at September 30, 2019.

9

Mackenzie mutual fund investment in ETFs of $1.1 billion as at September 30, 2019.

10

IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program.

 

IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $163 billion in total assets under management. The company's network of advisors provides a broad range of financial and investment planning 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.

A member of the Power Financial Corporation group of companies.


SOURCE IGM Financial Inc.


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