IGM Financial Inc. Announces June 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows
IGM Financial Inc. Announces June 2020 Investment Fund Sales and Total Assets Under Management and IG Wealth Management Assets Under Administration and Client Net Flows
Canada NewsWire
WINNIPEG, MB, July 3, 2020
WINNIPEG, MB, July 3, 2020 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of $646 million as shown in Table 1. Investment fund assets under management were $157.8 billion at June 30, 2020, compared with $155.7 billion at May 31, 2020 and $156.3 billion at June 30, 2019. Total assets under management were $165.4 billion at June 30, 2020, compared with $163.2 billion at May 31, 2020 and $162.3 billion at June 30, 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 $646 million compared to gross sales of $1.5 billion and net new money of $1.1 million in June 2019.
IG Wealth Management reported preliminary assets under administration of $93.6 billion at June 30, 2020 compared to $92.6 billion at May 31, 2020 and $93.7 billion at June 30, 2019. Net client outflows were $43 million during June 2020 compared to net client outflows of $74 million in June 2019.
Mackenzie Investments reported investment fund net inflows of $756 million in June 2020 compared to net inflows of $164 million in June 2019.
Table 1 – Investment Fund Net Flows | |||||
| IG Wealth | Mackenzie | Investment | Inter-co. | IGM |
Mutual Funds | |||||
Gross Sales | $609.3 | $836.5 | $40.9 | $1,486.7 | |
Net New Money | ($41.7) | $137.6 | ($17.7) | $78.2 | |
ETFs | |||||
Net New Money | $867.54 | $867.5 | |||
Inter-product Eliminations |
($249.3)2 |
($50.0) |
($299.3) | ||
Investment Funds Net New Money | ($41.7) | $755.8 | ($17.7) | ($50.0) | $646.4 |
Other Client AUA Net Flows | ($0.9) | ||||
Net Client Inflows | ($42.6) | ||||
*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial. Net Client Flows is defined as net contributions to client accounts and includes IG investment funds, third party investment funds, equity and fixed income securities, high interest savings accounts and deposits held at IG Wealth Management. |
Table 2 - Assets under Management and Administration | |||||||
($billions) (unaudited) | June 2020 | May 2020 | June 2019 | % Change | % Change | ||
IGM Financial Total Assets under Management5 | $165.40 | $163.16 | $162.33 | 1.4 | 1.9 | ||
IGM Financial Investment Funds Assets under Management5 | $157.84 | $155.68 | $156.30 | 1.4 | 1.0 | ||
IG Wealth Management | |||||||
Mutual Funds | $89.52 | $88.65 | $90.18 | 1.0 | (0.7) | ||
Total IG Wealth Management | $89.52 | $88.65 | $90.18 | 1.0 | (0.7) | ||
Mackenzie Investments | |||||||
Mutual Funds | $60.13 | $59.48 | $58.86 | 1.1 | 2.2 | ||
ETFs | $6.64 | $5.72 | $3.45 | 16.1 | 92.5 | ||
Inter-product Eliminations6 | ($2.19) | ($1.93) | ($0.92) | 13.5 | 138.0 | ||
Investment Funds | $64.58 | $63.27 | $61.39 | 2.1 | 5.2 | ||
Sub-advisory, institutional and other | $8.64 | $8.55 | $7.22 | 1.1 | 19.7 | ||
Total Mackenzie Investments | $73.22 | $71.82 | $68.61 | 1.9 | 6.7 | ||
Investment Planning Counsel7 | $5.04 | $5.01 | $5.40 | 0.6 | (6.7) | ||
IG Wealth Management Assets | $93.64 | $92.62 | $93.69 | 1.1 | - | ||
Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
Table 3 - Average Assets under Management8 | ||
($billions) (unaudited) | Quarter to Date | |
IGM Financial Total Average Assets under Management9 | $159.21 | |
IGM Financial Investment Funds Average Assets under Management9 | $152.58 | |
IG Wealth Management | ||
Mutual Funds | $86.98 | |
Total IG Wealth Management | $86.98 | |
Mackenzie Investments | ||
Mutual Funds | $58.09 | |
ETFs | $5.74 | |
Inter-product Eliminations10 | ($1.92) | |
Investment Funds | $61.91 | |
Sub-advisory, institutional and other | $7.71 | |
Total Mackenzie Investments | $69.62 | |
Investment Planning Counsel11 | $4.93 | |
______________________________________________________________________________________________ | |
1 | Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $50.0 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs. |
2 | $249.3 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 June 2020, an institutional investor purchased into Mackenzie ETFs resulting in net new money of $370 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 $2.4 billion at June 30, 2020 ($2.3 billion at May 31, 2020 and $1.9 billion at June 30, 2019). | |
- Amounts eliminated within IGM Financial consolidated investment fund assets were $1.3 billion at June 30, 2020 ($1.3 billion at May 31, 2020, $666 million at June 30, 2019). | |
6 | Mackenzie mutual fund investment in ETFs of $2.2 billion as at June 30, 2020 ($1.9 billion as at May 31, 2020 and $924 million as at June 30, 2019). |
7 | IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program. |
8 | Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets. |
9 | 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 June 30, 2020. | |
- Amounts eliminated within IGM Financial consolidated investment fund assets were $1.2 billion at June 30, 2020. | |
10 | Mackenzie mutual fund investment in ETFs of $1.9 billion as at June 30, 2020. |
11 | 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 $165 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.
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