WINNIPEG, March 4, 2019 /CNW/ - IGM Financial Inc. (IGM) IGM today reported preliminary total investment fund net new money in February of $347.7 million as shown in Table 1. Total assets under management were $157.6 billion at February 28, 2019, compared with $154.3 billion at January 31, 2019 and $156.4 billion at February 28, 2018. Investment fund assets under management were $151.6 billion at February 28, 2019, compared with $148.5 billion at January 31, 2019 and $149.7 billion at February 28, 2018. Assets under management are shown in Table 2.
Table 1 - Net New Money
Month ended February 28, 2019
| IG Wealth | Mackenzie | Investment | Intercompany | IGM |
Mutual Funds | |||||
Gross Sales | $875.5 | $884.6 | $105.9 | $1,866.0 | |
Net New Money | $137.1 | $129.8 | $31.1 | $298.0 | |
ETFs | |||||
Net New Money | $13.2 | $13.2 | |||
Mutual Fund |
$44.6 2 |
($8.1) |
$36.5 | ||
Consolidated | |||||
Net New Money | $137.1 | $187.6 | $31.1 | ($8.1) | $347.7 |
1 | Consolidated results eliminate double counting where business is reflected in multiple segments and excludes $8.1 million in net new money by IG Wealth Management and IPC mutual fund investments in ETFs. |
2 | ($44.6) million of net new money in ETFs by Mackenzie mutual funds. |
3 | Preliminary Counsel mutual funds net new money do not include sales/redemptions in the IPC Private Wealth program. IPC Private Wealth program flows are included in figures presented in MD&A. |
*Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used in the Management Discussion and Analysis (MD&A) issued by IGM Financial. |
Table 2 - Assets under Management
($billions) (unaudited) | February | January | February | % Change | % Change |
IGM Financial Total Assets under Management4 | $157.62 | $154.33 | $156.37 | 2.1 | 0.8 |
IGM Financial Investment Funds Assets under Management4 | $151.61 | $148.46 | $149.72 | 2.1 | 1.3 |
IG Wealth Management | |||||
Mutual Funds | $87.98 | $86.21 | $87.50 | 2.1 | 0.5 |
Total IG Wealth Management | $87.98 | $86.21 | $87.50 | 2.1 | 0.5 |
Mackenzie | |||||
Mutual Funds | $56.55 | $55.32 | $55.76 | 2.2 | 1.4 |
ETFs | $3.21 | $3.16 | $1.80 | 1.6 | 78.3 |
Mutual Fund Investment in ETF5 | ($0.89) | ($0.93) | ($0.54) | (4.3) | 64.8 |
Investment Funds | $58.87 | $57.55 | $57.02 | 2.3 | 3.2 |
Sub-advisory, institutional and | $7.50 | $7.35 | $8.20 | 2.0 | (8.5) |
Total Mackenzie | $66.37 | $64.90 | $65.22 | 2.3 | 1.8 |
Investment Planning Counsel6 | $5.34 | $5.27 | $5.45 | 1.3 | (2.0) |
4 | 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 $2.1 billion at February 28, 2019 ($2.0 billion at January 31, 2019 and $1.8 billion at February 28, 2018). | |
- Amounts eliminated within IGM Financial consolidated investment fund assets were $584.0 million at February 28, 2019 ($563.6 million at January 31, 2019 and $257.0 million at February 28, 2018). | |
5 | Mackenzie mutual fund investment in ETFs of $891.3 million as at February 28, 2019 ($928.3 million as at January 31, 2019 and $542.1 million as at February 28, 2018). |
6 | IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program. |
Preliminary average investment fund assets under management and average total assets under management for the quarter to date are set out in Table 3.
Table 3 - Average Assets under Management7
($billions) (unaudited) | Quarter to Date |
IGM Financial Total Average Assets under Management8 | $153.88 |
IGM Financial Investment Funds Average Assets under Management8 | $147.99 |
IG Wealth Management | |
Mutual Funds | $85.91 |
Total IG Wealth Management | $85.91 |
Mackenzie | |
Mutual Funds | $55.16 |
ETFs | $3.12 |
Mutual Fund Investment in ETF9 | ($0.91) |
Investment Funds | $57.37 |
Sub-advisory, institutional and other | $7.36 |
Total Mackenzie | $64.73 |
Investment Planning Counsel10 | $5.26 |
7 | Based on daily average investment fund assets and month-end average institutional, sub-advisory and other assets. |
8 | 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 February 28, 2019. | |
- Amounts eliminated within IGM Financial consolidated investment fund assets were $554.4 million at February 28, 2019. | |
9 | Mackenzie mutual fund investment in ETFs of $909.4 million as at February 28, 2019. |
10 | IPC's total assets under management includes Counsel Mutual Funds and the Private Wealth Program. |
IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with approximately $158 billion in total assets under management. 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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