WINNIPEG, MB, July 6, 2021 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net flows of $694 million during June 2021 as shown in Table 1. Total assets under management and advisement were $262.2 billion at June 30, 2021, compared with $256.1 billion at May 31, 2021, and $188.3 billion at June 30, 2020. Assets under management and advisement are shown in Table 2.
JUNE HIGHLIGHTS
IGM Financial* – Record high assets under management & advisement of $262.2 billion, up 2.3% in the month and up 9.3% year to date. Total net inflows of $694 million up from $291 million in June 2020. Record high investment fund net sales of $711 million during June 2021 up from $276 million in 2020. Record high investment fund net sales of $1.9 billion during the quarter up from $494 million in 2020.
IG Wealth – Record high assets under advisement of $112.2 billion, up 2.3% in the month and up 8.6% year to date. Record high net inflows of $299 million during June 2021 up from net outflows of $43 million in June 2020. Record high net inflows of $670 million during the quarter up from net outflows of $62 million in 2020
Mackenzie* – Record high assets under management of $201.7 billion, up 2.2% in the month and up 8.9% year to date. Total net flows of $461 million up from $325 million in June 2020. June 2021 investment fund net sales were $535 million, of which $445 million was retail which is an improvement from net sales of $337 million in 2020 of which $230 million was retail. Total net flows of $1.9 billion in the quarter down from $3.1 billion in 2020. Record high investment fund net sales of $1.7 billion in the quarter, of which $1.4 billion was retail which is an improvement from net sales of $579 million in 2020 of which $409 million was retail.
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Table 1 – Gross and Net Flows Please see www.igmfinancial.com for file with trended history |
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Wealth Management |
Asset |
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|
($ millions) (unaudited) |
IG Wealth |
Investment |
Total |
Mackenzie(3) |
IGM Financial |
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For the month ended June 30, 2021 |
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|
Net flows |
299.1 |
(24.1) |
275.6 |
461.3 |
694.2(3) |
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|
Mutual fund net sales |
185.8 |
(10.0) |
175.8 |
356.7 |
532.5 |
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|
ETF net creations |
– |
– |
178.1(1) |
178.1 |
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|
Investment fund net sales |
185.8 |
(10.0) |
175.8 |
534.8 |
710.6 |
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Institutional SMA net sales(6) |
– |
– |
(73.5) |
(73.5) |
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|
Managed asset net sales |
185.8 |
(10.0) |
175.8 |
461.3 |
637.1 |
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|
Mackenzie Investment Fund |
31.7 |
11.0 |
42.7(3) |
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IGM Product net sales |
217.5 |
1.0 |
218.5 |
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Other dealer net flows |
81.6 |
(25.1) |
57.1 |
57.1 |
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Gross flows |
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Mutual fund gross sales |
979.9 |
68.7 |
1,048.6 |
981.5 |
2,030.1 |
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Dealer gross inflows |
1,149.0 |
378.6 |
1,527.6 |
– |
1,527.6 |
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Table 2 – Assets under Management and Advisement |
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|
($ millions) (unaudited) |
June |
May |
% Change |
|
Wealth Management |
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|
IG Wealth Management |
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Assets under management |
105,218 |
103,003 |
2.2% |
|
Other assets under advisement |
6,967 |
6,674 |
4.4% |
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Assets under advisement |
112,185 |
109,677 |
2.3% |
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IPC |
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Assets under management |
5,485 |
5,388 |
1.8% |
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Other assets under advisement |
25,840 |
25,198 |
2.5% |
|
Assets under advisement |
31,325 |
30,586 |
2.4% |
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Total |
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Assets under management |
110,703 |
108,391 |
2.1% |
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Other assets under advisement |
32,796 |
31,862 |
2.9% |
|
Assets under advisement |
143,499 |
140,253 |
2.3% |
|
Asset management |
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|
Mackenzie(2) |
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Total Mutual funds |
61,717 |
60,179 |
2.6% |
|
ETFs |
4,889 |
4,632 |
5.5% |
|
Investment funds |
66,606 |
64,811 |
2.8% |
|
Institutional SMA |
56,307 |
55,215 |
2.0% |
|
Total |
122,913 |
120,026 |
2.4% |
|
Sub-advisory to Wealth Management |
78,788 |
77,318 |
1.9% |
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Total |
201,701 |
197,344 |
2.2% |
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ETF’s distributed to third parties |
4,889 |
4,632 |
5.5% |
|
ETF’s held within IGM managed products |
5,748 |
5,496 |
4.6% |
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Total ETFs |
10,637 |
10,128 |
5.0% |
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Consolidated |
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Assets under management |
233,616 |
228,417 |
2.3% |
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Other assets under advisement |
28,544 |
27,726 |
3.0% |
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Assets under management and advisement(4) |
262,160 |
256,143 |
2.3% |
Preliminary average assets under management and advisement for the quarter to date are set out in Table 3.
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Table 3 – Average Assets under Management and Advisement |
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|
($ millions) (unaudited) |
Quarter to date 2021 |
|
Wealth Management |
|
|
IG Wealth Management |
|
|
Assets under management |
103,068 |
|
Other assets under advisement |
6,599 |
|
Assets under advisement |
109,667 |
|
IPC |
|
|
Assets under management |
5,402 |
|
Other assets under advisement |
25,124 |
|
Assets under advisement |
30,526 |
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Total |
|
|
Assets under management |
108,470 |
|
Other assets under advisement |
31,713 |
|
Assets under advisement |
140,183 |
|
Asset management |
|
|
Mackenzie(2) |
|
|
Mutual funds |
60,100 |
|
ETFs |
4,523 |
|
Investment funds |
64,623 |
|
Institutional SMA |
54,698 |
|
Total |
119,321 |
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Sub-advisory to Wealth Management |
77,261 |
|
Total |
196,582 |
|
ETFs distributed to third parties |
4,523 |
|
ETFs held within IGM managed products |
5,508 |
|
Total ETFs |
10,031 |
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Consolidated |
|
|
Assets under management |
227,791 |
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Other assets under advisement |
27,616 |
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Assets under management and advisement(5) |
255,407 |
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* |
During June 2020, an institutional investor purchased into Mackenzie ETFs resulting in net new money of $370 million which is excluded from figures presented. |
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During the second quarter of 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. |
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1 |
ETF net creations excludes $129.5 million in ETF net creations to IGM managed products. |
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2 |
Excludes sub-advisory to Wealth Management segment. |
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3 |
$42.7 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation. |
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4 |
Within total assets under management and advisement, $4.3 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at June 30, 2021. ($4.1 billion at May 31, 2021). |
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5 |
Within average total assets under management and advisement, $4.1 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 $262 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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