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IGM Financial Inc. Announces November 2019 Investment Fund Sales and Total Assets Under Management

WINNIPEG, Dec. 3, 2019 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total investment fund net new money of ($85.4) million as shown in Table 1. Investment fund assets under management were $161.4 billion at November 30, 2019, compared with $158.0 billion at October 31, 2019 and $149.2 billion at November 30, 2018. Total assets under management were $166.4 billion at November 30, 2019, compared with $162.9 billion at October 31, 2019 and $155.2 billion at November 30, 2018. Assets under management are shown in Table 2.

IGM Financial Inc. (CNW Group/IGM Financial Inc.)

Table 1 - Net New Money

Month ended November 30, 2019

($millions) (unaudited)

IG Wealth
Management

Mackenzie

Investments

Investment
Planning
Counsel
4

Intercompany
Eliminations
1

IGM
Financial







Mutual Funds






Gross Sales

$727.5

$893.9

$55.4


$1,676.8

Net New Money

($131.9)

($8.3) 3

($19.0)


($159.2)







ETFs






Net New Money


$114.2



$114.2

 

Inter-product Eliminations


 

($20.1)2


 

($20.3)

 

($40.4)







Consolidated






Net New Money

($131.9)

$85.8

($19.0)

($20.3)

($85.4)



1

Consolidated results eliminate double counting where business is reflected in multiple segments and excludes
$20.3 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs

2

$20.1 million of net new money in ETFs by Mackenzie Investments mutual funds

3

During November 2019, an institutional client which includes Mackenzie mutual funds within its investment
offerings made fund allocation changes which resulted in sales of $81.1 million, redemptions of $165.5 million
and net redemptions of $84.4 million

4

Preliminary Counsel mutual funds net new money do not include sales/redemptions in the IPC Private Wealth
program. IPC Private Wealth program flows are included in figures presented in MD&A

 

*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

 

Table 2 - Assets under Management


($billions) (unaudited)

November
2019

October
2019

November
2018

% Change
Last Month

% Change
YOY







IGM Financial

Total Assets under Management5

$166.44

$162.90

$155.15

2.2

7.3







IGM Financial

Investment Funds

Assets under Management5

$161.39

$157.96

$149.19

2.2

8.2







IG Wealth Management






Mutual Funds

$92.97

$91.02

$86.27

2.1

7.8

Total IG Wealth Management

$92.97

$91.02

$86.27

2.1

7.8







Mackenzie Investments






Mutual Funds

$60.68

$59.36

$55.77

2.2

8.8

ETFs

$4.32

$4.17

$3.14

3.6

37.6

Inter-product Eliminations6

($1.26)

($1.22)

($0.82)

3.3

53.7

Investment Funds

$63.74

$62.31

$58.09

2.3

9.7

Sub-advisory, institutional and
other

$6.25

$6.09

$7.44

2.6

(16.0)

Total Mackenzie Investments

$69.99

$68.40

$65.53

2.3

6.8













Investment Planning Counsel7

$5.46

$5.37

$5.31

1.7

2.8



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 $2.0 billion at November 30, 2019
($1.9 billion at October 31, 2019 and $2.0 billion at November 30, 2018)

-

Amounts eliminated within IGM Financial consolidated investment fund assets were $780 million at November
30, 2019 ($739 million at October 31, 2019, $484 million at November 30, 2018)

6

Mackenzie mutual fund investment in ETFs of $1.3 billion as at November 30, 2019 ($1.2 billion as at October 31,
2019 and $824 million as at November 30, 2018)

7

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

 

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

$163.40



IGM Financial

Investment Funds Average Assets under Management9

$158.42



IG Wealth Management


Mutual Funds

$91.31

Total IG Wealth Management

$91.31



Mackenzie Investments


Mutual Funds

$59.54

ETFs

$4.16

Inter-product Eliminations10

($1.22)

Investment Funds

$62.48

Sub-advisory, institutional and other

$6.15

Total Mackenzie Investments

$68.63



Investment Planning Counsel11

$5.37



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 $1.9 billion at November 30, 2019


-

Amounts eliminated within IGM Financial consolidated investment fund assets were $739 million at
November 30, 2019

10

Mackenzie mutual fund investment in ETFs of $1.2 billion as at November 30, 2019

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 $166 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 FINANCIAL CORPORATION GROUP OF COMPANIES

SOURCE IGM Financial Inc.

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