IGM FINANCIAL INC. ANNOUNCES OCTOBER 2024 ASSETS UNDER MANAGEMENT & ADVISEMENT AND NET FLOWS

WINNIPEG, MB, Nov. 5, 2024 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today reported total assets under management and advisement of $264.8 billion at October 31, 2024, up 18.0% from $224.4 billion at October 31, 2023⁽¹⁾. Total consolidated net inflows were $196 million during October 2024.

OCTOBER HIGHLIGHTS

IGM Financial – Assets under management & advisement of $264.8 billion compared to $264.9 billion in the prior month. Total net inflows were $196 million up from net outflows of $327 million in October 2023⁽²⁾. Investment fund net sales were $35 million up from net redemptions of $732 million in October 2023⁽²⁾.

IG Wealth Management (IGWM) – Record high assets under advisement of $136.6 billion were up 0.1% in the month. Investment fund net sales were $177 million up from net redemptions of $376 million in October 2023. Total net inflows were $144 million up from net outflows of $27 million in October 2023.

Mackenzie Investments – Assets under management of $211.3 billion compared to $212.1 billion in the prior month. Investment fund net redemptions were $142 million compared to net redemptions of $356 million in October 2023. Total net sales were $52 million up from net redemptions of $300 million in October 2023.

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		Mackenzie Investments	IGM Financial
For the month ended October 31, 2024
Net flows
	Mutual fund net sales	176.8		(167.2)	9.6
	ETF net creations			25.1	25.1
	Investment fund net sales	176.8		(142.1)^(3)	34.7
	Institutional SMA net sales			194.1^(4)	194.1
	Managed asset net sales	176.8		52.0	228.8
	Other net flows	(32.6)			(32.6)
Net flows		144.2		52.0	196.2
Gross flows
	Mutual fund gross sales	1,311.4		662.3	1,973.7
	Dealer gross inflows	1,259.7			1,259.7

Table 2 – Assets under Management and Advisement
($ millions) (unaudited)	October  2024	September  2024	% Change Last Month
Wealth Management
IG Wealth Management
Assets under management	120,941	120,788	0.1 %
Other assets under advisement	15,626	15,620	-
Assets under advisement	136,567	136,408	0.1 %
Asset management
Mackenzie Investments
Mutual funds	60,727	60,951	(0.4 %)
ETFs	6,860	6,868	(0.1 %)
Investment funds	67,587	67,819	(0.3 %)
Institutional SMA	8,250	8,079	2.1 %
Sub-advisory to Canada Life	52,362	52,608	(0.5 %)
Total Institutional SMA	60,612	60,687	(0.1 %)
Total third party assets under management	128,199	128,506	(0.2 %)
Sub-advisory and AUM to Wealth Management	83,129	83,584	(0.5 %)
Total	211,328	212,090	(0.4 %)
ETF's distributed to third parties	6,860	6,868	(0.1 %)
ETF's held within IGM managed products	8,026	8,042	(0.2 %)
Total ETFs	14,886	14,910	(0.2 %)
Total
Assets under management	249,140	249,294	(0.1 %)
Other assets under advisement	15,626	15,620	-
Assets under management and advisement	264,766	264,914	(0.1 %)

Table 3 - Average Assets under Management and Advisement
($ millions) (unaudited)	Quarter to date 2024
Wealth Management
IG Wealth Management
Assets under management	121,621
Other assets under advisement	15,685
Assets under advisement	137,306
Asset Management
Mackenzie Investments
Mutual funds	61,195
ETFs	6,901
Investment funds	68,096
Institutional SMA	8,165
Sub-advisory to Canada Life	52,484
Total Institutional SMA	60,649
Total third party assets under management	128,745
Sub-advisory and AUM to Wealth Management	83,425
Total	212,170
ETFs distributed to third parties	6,901
ETFs held within IGM managed products	8,026
Total ETFs	14,927
Total
Assets under management	250,365
Other assets under advisement	15,685
Assets under management and advisement	266,051

¹   Sale of Investment Planning Counsel (IPC) closed on November 30, 2023. Including IPC, IGM assets under advisement were $250.3 billion at October 31, 2023.

²   Including IPC, IGM reported total net outflows of $27 million and investment fund net redemptions of $735 million in October 2023.

³   Investment fund net sales exclude ($29) million in ETF net creations to IGM managed products and $59 million in investment fund net sales through the IGWM segment.

⁴    Excludes sub-advisory to Canada Life and the Wealth Management segment.

Glossary of Terms

Assets Under Management and Advisement (AUM&A) represents the consolidated AUM and AUA of IGM

Financial's core businesses IG Wealth Management and Mackenzie Investments. In the Wealth Management

segment, AUM is a component part of AUA. All instances where the asset management segment is providing investment management services or distributing its products through the Wealth Management segment are eliminated in our reporting such that there is no double-counting of the same client savings held at IGM Financial's core businesses. AUM&A excludes Investment Planning Counsel's (IPC's) AUM, AUA, sales, redemptions and net flows which have been disclosed as Discontinued operations.

Assets Under Advisement (AUA) are the key driver of the Wealth Management segment. AUA are savings and

investment products held within client accounts of our Wealth Management segment core businesses.

Assets Under Management (AUM) are the key driver of the Asset Management segment. AUM are a secondary driver of revenues and expenses within the Wealth Management segment in relation to its investment management activities. AUM are client assets where we provide investment management services, and include investment funds where we are the fund manager, investment advisory mandates to institutions, and other client accounts where we have discretionary portfolio management responsibilities.

Mutual fund gross sales and net sales  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, pension plans and foundations through separately managed accounts.

Other net flows and Other assets under advisement represents financial savings products held within client accounts in the Wealth Management segment 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.

Net flows represents the total net contributions, in cash or in kind, to client accounts at the Wealth Management segment and the overall net sales to the Asset Management segment.

Wealth Management – Reflects the activities of operating companies primarily focused on providing financial planning and related services to Canadian households and represents the operations of IGWM. IGWM is a retail distribution organization that serves 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 closed on November 30, 2023.

ABOUT IGM FINANCIAL INC.

IGM Financial Inc. ("IGM", TSX: IGM) is a leading Canadian diversified wealth and asset management organization with approximately $265 billion in total assets under management and advisement as of October 31, 2024. The company is committed to bettering the lives of Canadians by better planning and managing their money. To achieve this, IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals. IGM's activities are carried out principally through IG Wealth Management and Mackenzie Investments and are complimented by strategic positions in wealth managers Rockefeller Capital Management and Wealthsimple and asset managers ChinaAMC and Northleaf Capital. These strengthen IGM's capabilities, reach and diversification. IGM is a member of the Power Corporation group of companies. For more information, visit igmfinancial.com

SOURCE IGM Financial Inc.

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