High Asset

IGM FINANCIAL INC. ANNOUNCES MARCH 2022 ASSETS UNDER MANAGEMENT & ADVISEMENT AND RECORD

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WINNIPEG, MB, April 5, 2022 /CNW/ – IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total consolidated net inflows of $133 million during March 2022 as shown in Table 1. Total assets under management and advisement were $268.3 billion at March 31, 2022, compared with $267.7 billion at February 28, 2022 and $248.5 billion at March 31, 2021. Assets under management and advisement are shown in Table 2.

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

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

MARCH HIGHLIGHTS
IGM Financial – Assets under management & advisement of $268.3 billion were up 0.2% in the month. Total net inflows of $133 million were down from $751 million in March 2021. Investment fund net sales of $276 million were down from $655 million in March 2021. For the quarter ended March 2022, net inflows were $2.5 billion, a record high quarter result and up from $2.3 billion in quarterly net inflows in 2021.

IG Wealth Management – Assets under advisement of $116.3 billion were up 0.6% in the month. Total net inflows of $358 million were the best result in over 20 years and up from net inflows of $221 million in March 2021. For the quarter ended March 2022, net inflows were $1.5 billion, an all-time best quarter result and up from $1.0 billion in 2021.

Mackenzie – Assets under management of $205.5 billion were up 1.1% in the month. Total net outflows $278 million were down from net inflows of $604 million in March 2021. Investment fund net sales of $54 million were down from net sales of $658 million in March 2021. For the quarter ended March 2022, total net inflows were $872 million, the second highest result in over 20 years, down from $1.6 billion in 2021. For the quarter ended March 2022, investment fund net sales were $1.3 billion, the second highest result in history, down from $1.9 billion in 2021.

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(3)(4)

IGM
Financial

For the month ended March 31, 2022

Net flows

Mutual fund net sales

246.5

(24.5)

222.0

40.4

262.4

ETF net creations

13.1(1)

13.1

Investment fund net sales

246.5

(24.5)

222.0

53.5

275.5

Institutional SMA net sales

(331.2)(2)

(331.2)

Managed asset net sales

246.5

(24.5)

222.0

(277.7)

(55.7)

Mackenzie Investment Fund net sales

8.6

5.5

14.1(3)

IGM Product net sales

255.1

(19.0)

236.1

Other dealer net flows

102.4

86.4

188.9

188.9

Net flows

357.5

67.4

425.0

(277.7)

133.2(5)

Gross flows

Mutual fund gross sales

1,153.8

59.0

1,212.8

898.4

2,111.2

Dealer gross inflows

1,288.3

436.8

1,725.1

1,725.1

Table 2 – Assets under Management and Advisement

($ millions) (unaudited)

March
2022

February
2022

% Change
Last Month

Wealth Management

IG Wealth Management

Assets under management

107,187

106,568

0.6%

Other assets under advisement

9,094

8,980

1.3%

Assets under advisement

116,281

115,548

0.6%

Investment Planning Counsel

Assets under management

5,201

5,264

(1.2%)

Other assets under advisement

26,533

26,378

0.6%

Assets under advisement

31,734

31,642

0.3%

Total

Assets under management

112,388

111,832

0.5%

Other assets under advisement

35,617

35,347

0.8%

Assets under advisement

148,005

147,179

0.6%

Asset management

Mackenzie

Mutual funds

60,291

60,185

0.2%

ETFs

5,848

5,905

(1.0%)

Investment funds

66,139

66,090

0.1%

Institutional SMA

7,090

7,444

(4.8%)

Sub-advisory to Canada Life

51,502

51,382

0.2%

Total Institutional SMA

58,592

58,826

(0.4%)

Total (ex sub-advisory to Wealth Management)

124,731

124,916

(0.1%)

Sub-advisory to Wealth Management

80,814

78,303

3.2%

Total

205,545

203,219

1.1%

ETF’s distributed to third parties

5,848

5,905

(1.0%)

ETF’s held within IGM managed products

7,059

7,009

0.7%

Total ETFs

12,907

12,914

(0.1%)

Consolidated

Assets under management

237,119

236,748

0.2%

Other assets under advisement

31,209

30,955

0.8%

Assets under management and advisement(5)

268,328

267,703

0.2%

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 2022

Wealth Management

IG Wealth Management

Assets under management

107,410

Other assets under advisement

8,890

Assets under advisement

116,300

Investment Planning Counsel

Assets under management

5,313

Other assets under advisement

26,716

Assets under advisement

32,029

Total

Assets under management

112,723

Other assets under advisement

35,596

Assets under advisement

148,319

Asset Management

Mackenzie

Mutual funds

60,556

ETFs

5,698

Investment funds

66,254

Institutional SMA

7,521

Sub-advisory to Canada Life

51,895

Total Institutional SMA

59,416

Total (ex sub-advisory to Wealth Management)

125,670

Sub-advisory to Wealth Management

79,804

Total

205,474

ETFs distributed to third parties

5,698

ETFs held within IGM managed products

7,092

Total ETFs

12,790

Consolidated

Assets under management

238,393

Other assets under advisement

31,144

Assets under management and advisement(6)

269,537

1

ETF net creations excludes $38.2 million in ETF net creations to IGM managed products.

2

During March 2022, an institutional investor redeemed $290.7 million within products Mackenzie sub-advises.

3

Excludes sub-advisory to Canada Life and the Wealth Management segment.

4

$14.6 million in Mackenzie investment fund net flows through the Wealth Management segment have been eliminated on consolidation.

5

Within total assets under management and advisement, $4.4 billion in Mackenzie investment funds distributed through the Wealth Management segment eliminates on consolidation at March 31, 2022. ($4.4 billion at February 28, 2022).

6

Within average total assets under management and advisement, $4.5 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…

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