IGM Financial Inc. Announces July 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows – Canada NewsWire
WINNIPEG, MB, Aug. 5, 2020 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $153.2 million as shown in Table 1. Investment fund assets under management were $163.0 billion at July 31, 2020, compared with $157.8 billion at June 30, 2020 and $157.2 billion at July 31, 2019. Total assets under management were $170.7 billion at July 31, 2020, compared with $165.4 billion at June 30, 2020 and $162.2 billion at July 31, 2019. Assets under management are shown in Table 2.
Investment fund net new money includes gross sales of $1.5 billion and net new money of $153 million compared to gross sales of $1.7 billion and net new money of $315 million in July 2019.
IG Wealth Management reported preliminary assets under administration of $96.9 billion at July 31, 2020 compared to $93.6 billion at June 30, 2020 and $94.0 billion at July 31, 2019. Net client inflows were $4 million during July 2020 compared to net client inflows of $30 million in July 2019.
Mackenzie Investments reported investment fund net inflows of $226 million in July 2020 compared to net inflows of $352 million in July 2019.
Table 1 – Investment Fund Net Flows Month ended July 31, 2020
($millions) (unaudited)
IG Wealth Management
Mackenzie Investments
Investment Planning Counsel3
Inter-co. Elimin.1
IGM Financial
Mutual Funds
Gross Sales
$618.3
$801.9
$32.1
$1,452.3
Net New Money
($50.0)
$136.1
($20.4)
$65.7
ETFs
Net New Money
$224.9
$224.9
Inter-product Eliminations
($135.4)2
($2.0)
($137.4)
Investment Funds Net New Money
($50.0)
$225.6
($20.4)
($2.0)
$153.2
Other Client AUA Net Flows
$54.0
Net Client Inflows
$4.0
*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial. Net Client Flows is defined as net contributions to client accounts and includes IG investment funds, third party investment funds, equity and fixed income securities, high interest savings accounts and deposits held at IG Wealth Management.
Table 2 – Assets under Management and Administration
($billions) (unaudited)
July 2020
June 2020
July 2019
% Change Last Month
% Change YOY
IGM Financial
Total Assets under Management4
$170.73
$165.40
$162.16
3.2
5.3
IGM Financial
Investment Funds
Assets under Management4
$163.00
$157.84
$157.18
3.3
3.7
IG Wealth Management
Mutual Funds
$92.17
$89.53
$90.56
2.9
1.8
Total IG Wealth Management
$92.17
$89.53
$90.56
2.9
1.8
Mackenzie Investments
Mutual Funds
$62.39
$60.13
$59.21
3.8
5.4
ETFs
$7.07
$6.64
$3.81
6.5
85.6
Inter-product Eliminations5
($2.40)
($2.19)
($1.07)
9.6
124.3
Investment Funds
$67.06
$64.58
$61.95
3.8
8.2
Sub-advisory, institutional and other
$8.82
$8.64
$6.15
2.1
43.4
Total Mackenzie Investments
$75.88
$73.22
$68.10
3.6
11.4
Investment Planning Counsel6
$5.14
$5.04
$5.38
2.0
(4.5)
IG Wealth Management Assets under Administration
$96.90
$93.64
$93.99
3.5
3.1
Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $2.0 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs.
2
$135.4 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 $2.5 billion at July 31, 2020 ($2.4 billion at June 30, 2020 and $1.9 billion at July 31, 2019).
– Amounts eliminated within IGM Financial consolidated investment fund assets were $1.4 billion at July 31, 2020 ($1.3 billion at June 30, 2020, $709 million at July 31, 2019).
5
Mackenzie mutual fund investment in ETFs of $2.4 billion as at July 31, 2020 ($2.2 billion as at June 30, 2020 and $1.1 billion as at July 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 $2.4 billion at July 31, 2020.
– Amounts eliminated within IGM Financial consolidated investment fund assets were $1.3 billion at July 31, 2020.
9
Mackenzie mutual fund investment in ETFs of $2.3 billion as at July 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 $171 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, 647-828-2553, [email protected]; Investor Relations: Keith Potter, 204-955-2404, [email protected]
TORONTO – Strength in the energy and base metal stocks lifted Canada’s main stock index higher in late-morning trading, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 78.80 points at 23,973.51.
In New York, the Dow Jones industrial average was up 89.81 points at 42,214.46. The S&P 500 index was up 2.55 points at 5,721.12, while the Nasdaq composite was up 21.24 points at 17,995.51.
The Canadian dollar traded for 74.24 cents US compared with 74.02 cents US on Monday.
The November crude oil contract was up US$1.06 at US$71.43 per barrel and the November natural gas contract was down two cents at US$2.83 per mmBTU.
The December gold contract was up US$18.10 at US$2,670.60 an ounce and the December copper contract was up 15 cents at US$4.49 a pound.
This report by The Canadian Press was first published Sept. 24, 2024.
TORONTO – Canada’s main stock index was essentially unchanged Friday, while U.S. markets were mixed to end the week, with the Dow ekeing out a new record high.
The S&P/TSX composite index closed up 1.28 points at 23,867.55.
In New York, the Dow Jones industrial average was up 38.17 points at 42,063.36. The S&P 500 index was down 11.09 points at 5,702.55, while the Nasdaq composite was down 65.66 points at 17,948.32.
The Canadian dollar traded for 73.72 cents UScompared with 73.73 cents US on Thursday.
The November crude oil contract was down 16 cents at US$71 per barrel and the November natural gas contract was up 12 cents at US$2.72 per mmBTU.
The December gold contract was up US$31.60 at US$2,646.20 an ounceand the December copper contract was down a penny at US$4.34 a pound.
This report by The Canadian Press was first published Sept. 20, 2024.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
