IGM Financial Inc. Announces April 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows - Canada NewsWire | Canada News Media
IGM Financial Inc. Announces April 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows – Canada NewsWire
WINNIPEG, May 4, 2020 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $98.4 million as shown in Table 1. Investment fund assets under management were $152.2 billion at April 30, 2020, compared with $143.2 billion at March 31, 2020 and $157.4 billion at April 30, 2019. Total assets under management were $159.4 billion at April 30, 2020, compared with $147.5 billion at March 31, 2020 and $163.5 billion at April 30, 2019. Assets under management are shown in Table 2.
Investment fund net new money includes gross sales of $1.5 billion and net inflows of $98.4 million compared to gross sales of $1.5 billion and net outflows of $274.4 million in April 2019.
IG Wealth Management reported preliminary assets under administration of $91.6 billion at April 30, 2020 compared to $85.9 billion at March 31, 2020 and $94.8 billion at April 30, 2019. Net client outflows were $35.7 million during April 2020 compared to net client outflows of $240.3 million in April 2019.
Mackenzie Investments reported preliminary assets under management of $70.0 billion at April 30, 2020 compared to $63.1 billion at March 31, 2020 and $69.0 billion at April 30, 2019. Investment fund net inflows of $212.9 million in April 2020 compared to net outflows of $2.5 million in April 2019.
During April 2020, Mackenzie onboarded $2.6 billion of sub-advisory and institutional wins from various clients. These wins were spread across a diverse range of investment strategies, including Global Equity, U.S. Equity, Fixed Income and Currency Overlay strategies. The amounts will be reported in Mackenzie’s Sub-advisory, institutional and other results.
Table 1 – Investment Fund Net Flows
Month ended April 30, 2020
Investment
($millions) (unaudited)
IG Wealth
Mackenzie
Planning
Inter-co.
IGM
Management
Investments4
Counsel3
Elimin.1
Financial
Mutual Funds
Gross Sales
$603.1
$855.6
$34.4
$1,493.1
Net New Money
($87.7)
$154.0
($15.3)
$51.0
ETFs
Net New Money
$46.7
$46.7
Inter-product Eliminations
$12.2 2
($11.5)
$0.7
Investment Funds Net New Money
($87.7)
$212.9
($15.3)
($11.5)
$98.4
Other Client AUA Net Flows
$52.0
Net Client Inflows
($35.7)
*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial. Net Client Flows is defined as net contributions to client accounts and includes IG investment funds, third party investment funds, equity and fixed income securities, high interest savings accounts and deposits held at IG Wealth Management.
Table 2 – Assets under Management and Administration
($billions) (unaudited)
April 2020
March 2020
April 2019
% Change
Last Month
% Change
YOY
IGM Financial
Total Assets under Management5
$159.38
$147.50
$163.52
8.1
(2.5)
IGM Financial
Investment Funds
Assets under Management5
$152.15
$143.22
$157.36
6.2
(3.3)
IG Wealth Management
Mutual Funds
$86.76
$81.90
$91.17
5.9
(4.8)
Total IG Wealth Management
$86.76
$81.90
$91.17
5.9
(4.8)
Mackenzie Investments
Mutual Funds
$58.01
$54.29
$58.84
6.9
(1.4)
ETFs
$5.57
$5.25
$3.45
6.1
61.4
Inter-product Eliminations6
($1.87)
($1.76)
($0.95)
6.2
96.8
Investment Funds
$61.71
$57.78
$61.34
6.8
0.6
Sub-advisory, institutional and other7
$8.31
$5.32
$7.67
56.2
8.3
Total Mackenzie Investments
$70.02
$63.10
$69.01
11.0
1.5
Investment Planning Counsel8
$4.92
$4.70
$5.50
4.7
(10.5)
IG Wealth Management Assets under Administration
$91.62
$85.95
$94.83
6.6
(3.4)
Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
Table 3 – Average Assets under Management9
($billions) (unaudited)
Quarter to Date
IGM Financial
Total Average Assets under Management10
$153.52
IGM Financial
Investment Funds Average Assets under Management10
$147.77
IG Wealth Management
Mutual Funds
$84.39
Total IG Wealth Management
$84.39
Mackenzie Investments
Mutual Funds
$56.18
ETFs
$5.43
Inter-product Eliminations11
($1.82)
Investment Funds
$59.79
Sub-advisory, institutional and other
$6.82
Total Mackenzie Investments
$66.61
Investment Planning Counsel12
$4.79
1
Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $11.5 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.
2
($12.2) million of net new money in ETFs by Mackenzie Investments mutual funds.
3
IGM Financial and Counsel mutual funds net new money presented does not include sales/redemptions in the IPC Private Wealth program. IPC Private Wealth program flows are included in figures presented in the MD&A.
4
During April 2020, an institutional investor which includes Mackenzie mutual funds within its investment offerings made fund allocation changes which resulted in gross and net sales of $108.7 million.
5
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 $2.3 billion at April 30, 2020 ($2.2 billion at March 31, 2020 and $2.2 billion at April 30, 2019).
–
Amounts eliminated within IGM Financial consolidated investment fund assets were $1.3 billion at April 30, 2020 ($1.2 billion at March 31, 2020, $654 million at April 30, 2019).
6
Mackenzie mutual fund investment in ETFs of $1.9 billion as at April 30, 2020 ($1.8 billion as at March 31, 2020 and $945 million as at April 30, 2019).
7
During April 2020, Mackenzie onboarded $2.6 billion of sub-advisory and institutional wins from various clients. These wins were spread across a diverse range of investment strategies, including Global Equity, U.S. Equity, Fixed Income and Currency Overlay strategies
8
IPC’s total assets under management includes Counsel Mutual Funds and the Private Wealth Program.
9
Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets.
10
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 $2.3 billion at April 30, 2020.
–
Amounts eliminated within IGM Financial consolidated investment fund assets were $1.2 billion at April 30, 2020.
11
Mackenzie mutual fund investment in ETFs of $1.8 billion as at April 30, 2020.
12
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 $159 billion in total assets under management. The company 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 CORPORATION GROUP OF COMPANIES.
SOURCE IGM Financial Inc.
For further information: Media Relations: Nini Krishnappa, 416-355-2630, [email protected]; Investor Relations: Keith Potter, 204-955-2404, [email protected]
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
