IGM FINANCIAL INC. ANNOUNCES MARCH 2023 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

WINNIPEG, MB, April 5, 2023 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net inflows of $232 million during March 2023 as shown in Table 1. Total assets under management and advisement were $260.4 billion at March 31, 2023, compared with $258.0 billion at February 28, 2023, and $268.3 billion at March 31, 2022. Assets under management and advisement are shown in Table 2.

MARCH HIGHLIGHTS
IGM Financial – Assets under management & advisement of $260.4 billion were up 1.0% in the month. Total net inflows were $232 million compared to net inflows of $131 million in March 2022. Investment fund net redemptions were $70 million compared to net sales of $275 million in March 2022. 

IG Wealth Management – Assets under advisement of $115.9 billion were up 0.8% in the month. Total net outflows were $14 million compared to net inflows of $357 million in March 2022.

Mackenzie – Assets under management of $193.8 billion were up 0.8% in the month. Total net inflows were $122 million compared to net outflows of $278 million in March 2022. Investment fund net sales were $102 million compared to net sales of $53 million in March 2022. 

Table 1 - Gross and Net Flows  Please see www.igmfinancial.com for file with trended history.
		Wealth Management					Asset Management
($ millions) (unaudited)		IG Wealth Management	Investment Planning Counsel	Total			Mackenzie	IGM Financial
For the month ended March 31, 2023
Net flows
	Mutual fund net sales	(216.7)	44.8	(171.9)			32.2	(139.7)
	ETF net creations	-	-	-			69.5 ^(1)	69.5
	Investment fund net sales	(216.7)	44.8	(171.9)			101.7	(70.2)
	Institutional SMA net sales	-	-	-			20.5 ^(2)	20.5
	Managed asset net sales	(216.7)	44.8	(171.9)			122.2	(49.7)
	Mackenzie Investment fund net sales	6.8	(2.7)	4.1 ^(3)
	IGM Product net sales	(209.9)	42.1	(167.8)
	Other net flows	196.1	85.0	281.7				281.7
Net flows		(13.8)	127.1	113.9			122.2	232.0 ^(3)
Gross flows
	Mutual fund gross sales	927.8	134.9	1,062.7			812.9	1,875.6
	Dealer gross inflows	1,155.4	465.9	1,621.3				1,621.3

Table 2 – Assets under Management and Advisement
($ millions) (unaudited)	March  2023	February  2023	% Change Last Month
Wealth Management
IG Wealth Management
Assets under management	103,144	102,469	0.7 %
Other assets under advisement	12,729	12,501	1.8 %
Assets under advisement	115,873	114,970	0.8 %
Investment Planning Counsel
Assets under management	4,834	4,754	1.7 %
Other assets under advisement	26,092	25,862	0.9 %
Assets under advisement	30,926	30,616	1.0 %
Total
Assets under management	107,978	107,223	0.7 %
Other assets under advisement	38,814	38,357	1.2 %
Assets under advisement	146,792	145,580	0.8 %
Asset management
Mackenzie
Mutual funds	57,145	56,462	1.2 %
ETFs	5,357	5,234	2.4 %
Investment funds	62,502	61,696	1.3 %
Institutional SMA	6,825	6,767	0.9 %
Sub-advisory to Canada Life	48,582	48,126	0.9 %
Total Institutional SMA	55,407	54,893	0.9 %
Total (ex sub-advisory to Wealth Management)	117,909	116,589	1.1 %
Sub-advisory to Wealth Management	75,860	75,638	0.3 %
Total	193,769	192,227	0.8 %
ETF's distributed to third parties	5,357	5,234	2.4 %
ETF's held within IGM managed products	7,493	7,091	5.7 %
Total ETFs	12,850	12,325	4.3 %
Consolidated
Assets under management	225,887	223,812	0.9 %
Other assets under advisement	34,561	34,161	1.2 %
Assets under management and advisement^(4)	260,448	257,973	1.0 %

Preliminary average assets under management and advisement for the quarter to date are set out in Table 3.

Table 3 - Average Assets under Management and Advisement
($ millions) (unaudited)	Quarter to date 2023
Wealth Management
IG Wealth Management
Assets under management	102,423
Other assets under advisement	12,227
Assets under advisement	114,650
Investment Planning Counsel
Assets under management	4,753
Other assets under advisement	25,790
Assets under advisement	30,543
Total
Assets under management	107,176
Other assets under advisement	38,010
Assets under advisement	145,186
Asset Management
Mackenzie
Mutual funds	56,390
ETFs	5,394
Investment funds	61,784
Institutional SMA	6,689
Sub-advisory to Canada Life	48,142
Total Institutional SMA	54,831
Total (ex sub-advisory to Wealth Management)	116,615
Sub-advisory to Wealth Management	75,396
Total	192,011
ETFs distributed to third parties	5,394
ETFs held within IGM managed products	7,110
Total ETFs	12,504
Consolidated
Assets under management	223,791
Other assets under advisement	33,824
Assets under management and advisement^(5)	257,615

^1	ETF net creations excludes $301.9 million in ETF net creations to IGM managed products.
^2	Excludes sub-advisory to Canada Life and the Wealth Management segment.
^3	$4.1 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.
^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 March 31, 2023. ($4.2 billion at February 28, 2023).
^5	Within average total assets under management and advisement, $4.2 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 $260 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.

Nini Krishnappa, 647-828-2553, [email protected]; Investor Relations: Kyle Martens, 204-777-4888, [email protected]