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IGM Financial Inc. Announces May 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows – Canada NewsWire

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WINNIPEG, MB, June 2, 2020 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $145.8 million as shown in Table 1. Investment fund assets under management were $155.7 billion at May 31, 2020, compared with $152.2 billion at April 30, 2020 and $153.2 billion at May 31, 2019. Total assets under management were $163.2 billion at May 31, 2020, compared with $159.4 billion at April 30, 2020 and $159.1 billion at May 31, 2019. Assets under management are shown in Table 2.

Investment fund net new money includes gross sales of $1.4 billion and net inflows of $145.8 million compared to gross sales of $1.7 billion and net outflows of $82 million in May 2019.

IG Wealth Management reported preliminary assets under administration of $92.6 billion at May 31, 2020 compared to $91.6 billion at April 30, 2020 and $92.3 billion at May 31, 2019. Net client inflows were $10 million during May 2020 compared to net client outflows of $185 million in May 2019.

Mackenzie Investments reported investment fund net inflows of $108 million in May 2020 compared to net inflows of $124 million in May 2019.

Table 1 – Investment Fund Net Flows

Month ended May 31, 2020






($millions) (unaudited)

IG Wealth
Management

Mackenzie
Investments

Investment
Planning
Counsel
3

Inter-co.
Elimin.
1

IGM
Financial







Mutual Funds






Gross Sales

$568.2

$813.1

$53.5


$1,434.8

Net New Money

($2.8)

$84.5

($2.7)


$79.0







ETFs






Net New Money


$22.6



$22.6

 

Inter-product Eliminations


 

$1.1 2


 

$43.1

 

$44.2







Investment Funds Net New Money

($2.8)

$108.2

($2.7)

$43.1

$145.8

Other Client AUA Net Flows

$12.5





Net Client Inflows

$9.7







*

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)

May 2020

April 2020

May 2019

% Change
Last Month


% Change
YOY









IGM Financial

Total Assets under Management4

$163.16

$159.38

$159.12

2.4

2.5









IGM Financial

Investment Funds

Assets under Management4

$155.68

$152.15

$153.19

2.3

1.6









IG Wealth Management







Mutual Funds

$88.65

$86.76

$88.62

2.2


Total IG Wealth Management

$88.65

$86.76

$88.62

2.2









Mackenzie Investments







Mutual Funds

$59.48

$58.01

$57.35

2.5

3.7


ETFs

$5.72

$5.57

$3.42

2.7

67.3


Inter-product Eliminations5

($1.93)

($1.87)

($0.92)

3.2

109.8


Investment Funds

$63.27

$61.71

$59.85

2.5

5.7


Sub-advisory, institutional and other

$8.55

$8.31

$7.11

2.9

20.3


Total Mackenzie Investments

$71.82

$70.02

$66.96

2.6

7.3









Investment Planning Counsel6

$5.01

$4.92

$5.37

1.8

(6.7)
















IG Wealth Management Assets
under Administration

$92.62

$91.62

$92.26

1.1

0.4










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 Management7


($billions) (unaudited)

Quarter to Date



IGM Financial

Total Average Assets under Management8

$156.53



IGM Financial

Investment Funds Average Assets under Management8

$150.20



IG Wealth Management


Mutual Funds

$85.73

Total IG Wealth Management

$85.73



Mackenzie Investments


Mutual Funds

$57.17

ETFs

$5.51

Inter-product Eliminations9

($1.86)

Investment Funds

$60.82

Sub-advisory, institutional and other

$7.39

Total Mackenzie Investments

$68.21

Investment Planning Counsel10


$4.86


1   

Consolidated results eliminate double counting where business is reflected in multiple segments and excludes ($43.1) million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.

2   

($1.1) 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  

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 May 31, 2020 ($2.3 billion at April 30, 2020 and $1.8 billion at May 31, 2019).


– Amounts eliminated within IGM Financial consolidated investment fund assets were $1.3 billion at May 31, 2020 ($1.3 billion at April 30, 2020, $645 million at May 31, 2019).

5   

Mackenzie mutual fund investment in ETFs of $1.9 billion as at May 31, 2020 ($1.9 billion as at April 30, 2020 and $928 million as at May 31, 2019).

6   

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

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 $2.3 billion at May 31, 2020


– Amounts eliminated within IGM Financial consolidated investment fund assets were $1.2 billion at May 31, 2020.

9  

Mackenzie mutual fund investment in ETFs of $1.9 billion as at May 31, 2020.

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 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]

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Alberta targets petrochemicals investment with new grant program – CTV News

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CALGARY —
Demand for items manufactured with petrochemicals has skyrocketed during the global COVID-19 pandemic and the province is now looking to bolster the industry within Alberta through grants.

The provincial government has launched its 10-year Alberta Petrochemicals Incentive Program to attract “multi-billion dollar investments to petrochemical projects throughout Alberta.”

The petrochemicals manufacturing industry hub in Alberta — with centres in Grande Prairie, Joffre and Medicine Hat — is among Canada’s largest but the province says there’s ample room for expansion within the sector.

“While Alberta is already a Canadian leader in petrochemicals manufacturing, the sky is the limit for this sector’s benefits to our province,” said Associate Minister of Natural Gas and Electricity Dale Nally in a statement released Thursday.

“Over the last 10 years, petrochemical investment in the United States reached $250 billion, more than 10 times what was invested in Canada.

“With our affordable 300-year supply of natural gas, technically skilled and educated workforce, and respected innovation and research sectors, Alberta is ready to seize the opportunity to become a global destination for petrochemical manufacturing, benefiting all Albertans.”

Funding through the grant program will be distributed only after eligible an project has been constructed and begins operating.

The need for items manufactured with petrochemicals came to the forefront over the last few months as the spread of the novel coronavirus led to increased demand for medical equipment and personal protective equipment including face masks and gloves.

Petrochemicals are also used in the manufacturing process of numerous items including computers, cellphones, food packaging, car tires and gasoline.

The Chemistry Industry Association of Canada says Alberta’s chemicals sector is worth approximately $12.1 billion and the industry has created jobs, either directly or indirectly, for more than 58 thousand Albertans.

According to Alberta’s Industrial Heartland Association, there could be upwards of $30 billion invested in Alberta’s petrochemical sector over the next decade and the construction and operation of new facilities could create more than 90,000 jobs.

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Enforcement Notice – Decision – IIROC Fines Former Vancouver Investment Advisor Kindle Blythe – Canada NewsWire

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VANCOUVER, BC, July 9, 2020 /CNW/ – On June 25, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC Staff and Kindle Blythe.

Ms. Blythe admitted she failed to report client complaints to her firm’s compliance department and misled Enforcement Staff about them during an investigative interview with IIROC staff.

Specifically, Ms. Blythe admitted to the following violations:

(a) Between September 2016 and January 2017, Ms. Blythe failed to report four client complaints to her Dealer Member, Harbourfront Wealth Management Inc. (“Harbourfront”), contrary to Harbourfront’s policies and procedures and Dealer Member Rule 3100.

(b) On January 30, 2017, Ms. Blythe misled Enforcement Staff in a sworn interview, contrary to Consolidated Rule 1400.

Pursuant to the Settlement Agreement, Ms. Blythe agreed to the following penalty:

(a) Nine month suspension from registration with IIROC;

(b) Six months of close supervision upon any registration with IIROC;

(c) Successful re-write of Conduct and Practices Handbook course;

(d) Payment of fine of $10,000; and

(e) Payment of costs of $500.

The Settlement Agreement is available at:
http://www.iiroc.ca/documents/2020/d1ea2a64-b259-4884-9678-fb92f21598db_en.pdf 

IIROC formally initiated the investigation into Ms. Blythe’s conduct in September 2016. The violations occurred while she was a Registered Representative with the Vancouver branch of Harbourfront Wealth Management Inc. Ms. Blythe is no longer a registrant with an IIROC regulated firm.

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

*  *  *

IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – General News

For further information: Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

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Will Trump's New Investment Proposal Help The Oil & Gas Industry – OilPrice.com

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Will Trump’s New Investment Proposal Help The Oil & Gas Industry? | OilPrice.com

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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The U.S. Department of Labor – which has recently proposed a rule that would limit retirement funds’ investments based on environmental, social, and governance (ESG) criteria – is unlikely to incentivize more funds to invest in oil and gas companies, Bloomberg Green Columnist Kate Mackenzie says.  

At the end of last month, the U.S. Department of Labor proposed a new rule, which explicitly says that retirement plan fiduciaries must select investments and investment courses of action “based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.”  

“The Department is concerned, however, that the growing emphasis on ESG investing may be prompting ERISA plan fiduciaries to make investment decisions for purposes distinct from providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the plan,” it said in the proposed rule.

According to Bloomberg’s Mackenzie, it looks like the Department of Labor sees ESG investment strategies as underperforming the market, while in reality, they have outperformed them in recent years, studies have shown.

“Generating more hurdles to the incorporation of ESG criteria will have a chilling effect, leading to plan participants losing access to ESG options—many of which have outperformed their indices over time and especially during the market shock related to COVID 19,” Lisa Woll, CEO of US SIF: The Forum for Sustainable and Responsible Investment, said, commenting on the proposed rule.

Related: 10 Energy Stocks Defying The COVID-19 Slump

A US SIF 2018 survey of sustainable investment firms in the United States showed that three-quarters of 141 money managers of total assets of over $4 trillion said that their motivation for incorporating ESG criteria into their investment process was the desire to improve returns and to minimize risk over time, Woll said.  

According to the Environmental Defense Fund, the proposed rule ignores the ESG investment strategy as a core driver of financial performance.

“Retirement planning depends on long-term thinking and an appreciation for systemic risks. As we confront the effects of climate change and COVID-19, we need policies that recognize the present and future impact of ESG factors on financial performance,” the fund said.  

By Tsvetana Paraskova for Oilprice.com

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