TORONTO, May 4, 2018 /CNW/ - IGM Financial Inc. (TSX: IGM) President and Chief Executive Officer Jeffrey R. Carney addressed the company's shareholders at its annual meeting today, highlighting 2017 achievements including net sales of $4.8 billion – the single best year in IGM Financial's history.
Carney noted this momentum is continuing into the first quarter of 2018, with $1.4 billion in net sales, the best quarter in IGM's history, which is impressive considering the challenging equity markets during the quarter and declining net sales for the rest of the industry.
"2017 was a year of progress and significant momentum," said Carney. "IGM achieved historic results in several key areas, and has never been better positioned for sustained growth than it is right now."
Both of the company's two principal business units, Investors Group and Mackenzie Investments, also experienced positive net sales while gaining market share against their peers in a very challenging environment.
"These results show that our message is being heard – our value proposition is being accepted and our quest to transform IGM into a more efficient, client-focused, and modern company is being rewarded," added Carney. "This transformation accelerated substantially in 2017 and will define us for years to come. Our objective is to deliver sustained earnings growth over time and we have the people, strategy, and commitment to make this a reality."
Mackenzie Investments President and Chief Executive Officer Barry McInerney reinforced Carney's comments by sharing the results of Mackenzie's five-year transformation journey that has strengthened the company in several key areas.
"We are truly a global asset management solutions provider and business partner, committed to the financial success of investors through their eyes," said McInerney. "We've refreshed our company in every way - investments, brand, product solutions, and distribution. Our clients have set high expectations for us to change and adapt to meet their evolving needs. We intend to meet these needs by exceeding expectations every step of the way."
Carney pointed to huge opportunities ahead for IGM including $4.1 trillion in financial wealth that Canadians now hold, with growing segments among mass affluent and high-net-worth individuals. In the coming years, we will see the largest generational transfer of wealth in Canada's history and Carney noted the company would be taking full advantage of these favourable demographic trends.
"I am proud of our entire IGM organization and am excited about the journey we are on," he said. "We have plenty of work still to do, but the momentum is definitely on our side."
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 over $156 billion in total assets under management at April 30, 2018. Its activities are carried out principally through Investors Group, Mackenzie Investments and Investment Planning Counsel.
A MEMBER OF THE POWER FINANCIAL CORPORATION GROUP OF COMPANIES.
See also:
- Annual meeting remarks and the archived webcast.
- IGM Financial Inc.'s First quarter 2018 earnings news release.
- IGM Financial Inc. announces election of directors
SOURCE IGM Financial Inc.
Media Relations: Trish Tervit, 416-967-2166, [email protected]; Investor Relations: Keith Potter, 204-956-8119, [email protected]
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