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

WINNIPEG, MB, Nov. 3, 2023 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net outflows of $27 million during October 2023 as shown in Table 1. Total assets under management and advisement were $250.3 billion at October 31, 2023, compared with $253.4 billion at September 30, 2023, and $245.7 billion at October 31, 2022. Assets under management and advisement are shown in Table 2.  

OCTOBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $250.3 billion were down 1.2% in the month. Total net outflows were $27 million compared to net outflows of $123 million in October 2022. Investment fund net redemptions were $735 million compared to net redemptions of $652 million in October 2022.⁽¹⁾

IG Wealth Management – Assets under advisement of $113.5 billion down 0.6% in the month. Total net outflows were $26 million compared to net inflows of $150 million in October 2022.

Mackenzie – Assets under management of $183.3 billion were down 1.6% in the month. Total net redemptions were $300 million compared to net redemptions of $405 million in October 2022. Investment fund net redemptions were $356 million compared to net redemptions of $359 million in October 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 October 31, 2023
Net flows
	Mutual fund net sales	(376.3)	(3.2)	(379.5)		(364.7)	(744.2)
	ETF net creations	-	-	-		9.1 ^(2)	9.1
	Investment fund net sales	(376.3)	(3.2)	(379.5)		(355.6)	(735.1)
	Institutional SMA net sales	-	-	-		55.9 ^(3)	55.9
	Managed asset net sales	(376.3)	(3.2)	(379.5)		(299.7)	(679.2)
	Mackenzie Investment fund net sales		(8.7)	(8.7) ^(4)
	IGM Product net sales	(376.3)	(11.9)	(388.2)
	Other net flows	350.3	301.8	652.5			652.5
Net flows		(26.0)	289.9	264.3		(299.7)	(26.7) ^(4)
Gross flows
	Mutual fund gross sales	773.2	101.2	874.4		510.1	1,384.5
	Dealer gross inflows	963.2	683.1	1,646.3			1,646.3

Table 2 – Assets under Management and Advisement
($ millions) (unaudited)	October  2023	September  2023	% Change Last Month
Wealth Management
IG Wealth Management
Assets under management	100,782	101,945	(1.1 %)
Other assets under advisement	12,687	12,259	3.5 %
Assets under advisement	113,469	114,204	(0.6 %)
Investment Planning Counsel
Assets under management	4,819	4,856	(0.8 %)
Other assets under advisement	25,411	25,441	(0.1 %)
Assets under advisement	30,230	30,297	(0.2 %)
Total
Assets under management	105,601	106,801	(1.1 %)
Other assets under advisement	38,090	37,693	1.1 %
Assets under advisement	143,691	144,494	(0.6 %)
Asset management
Mackenzie
Mutual funds	52,722	53,950	(2.3 %)
ETFs	4,944	5,050	(2.1 %)
Investment funds	57,666	59,000	(2.3 %)
Institutional SMA	7,080	7,102	(0.3 %)
Sub-advisory to Canada Life	44,999	45,906	(2.0 %)
Total Institutional SMA	52,079	53,008	(1.8 %)
Total third party assets under management	109,745	112,008	(2.0 %)
Sub-advisory and AUM to Wealth Management	73,562	74,325	(1.0 %)
Total	183,307	186,333	(1.6 %)
ETF's distributed to third parties	4,944	5,050	(2.1 %)
ETF's held within IGM managed products	7,259	7,450	(2.6 %)
Total ETFs	12,203	12,500	(2.4 %)
Total
Assets under management	215,346	218,809	(1.6 %)
Other assets under advisement	34,973	34,546	1.2 %
Assets under management and advisement^(5)	250,319	253,355	(1.2 %)

Table 3 - Average Assets under Management and Advisement
($ millions) (unaudited)	Quarter to date 2023
Wealth Management
IG Wealth Management
Assets under management	101,409
Other assets under advisement	12,320
Assets under advisement	113,729
Investment Planning Counsel
Assets under management	4,827
Other assets under advisement	25,436
Assets under advisement	30,263
Total
Assets under management	106,236
Other assets under advisement	37,749
Assets under advisement	143,985
Asset Management
Mackenzie
Mutual funds	53,347
ETFs	4,951
Investment funds	58,298
Institutional SMA	7,091
Sub-advisory to Canada Life	45,452
Total Institutional SMA	52,543
Total third party assets under management	110,841
Sub-advisory and AUM to Wealth Management	73,937
Total	184,778
ETFs distributed to third parties	4,951
ETFs held within IGM managed products	7,334
Total ETFs	12,285
Total
Assets under management	217,077
Other assets under advisement	34,618
Assets under management and advisement^(6)	251,695

^1	Includes Investment Planning Counsel now reported as Discontinued operations.
^2	ETF net creations excludes ($156.6) million in ETF net creations to IGM managed products and $3.4 million in investment fund flows through the IG Wealth Management (IGWM) segment.
^3	Excludes sub-advisory to Canada Life and the Wealth Management segment.
^4	(8.7) million in Mackenzie investment fund net flows through Investment Planning Counsel have been eliminated on consolidation.
^5	Within total assets under management and advisement, $3.1 billion in Mackenzie investment funds distributed through the Investment Planning Counsel segment eliminates on consolidation at October 31, 2023. ($3.1 billion at September 30, 2023).
^6	Within average total assets under management and advisement, $3.1 billion in Mackenzie mutual funds distributed through the Investment Planning Counsel 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.

"Discontinued operations" - Reflects the activities of Investment Planning Counsel. On April 3, 2023, IGM Financial announced the sale of 100% of the common shares of Investment Planning Counsel Inc. for cash consideration of $575 million. The transaction is expected to close by the end of 2023, subject to regulatory approvals.

IGM Financial Inc. is one of Canada's leading diversified wealth and asset management companies with approximately $250  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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