IGM Financial Inc. Reports Strong Growth in Assets Under Management
Tuesday, Nov 5, 2024 8:49 pm ET
1min read IGM Financial Inc. (IGM) (TSX: IGM) has reported a significant increase in assets under management and advisement (AUM&A) for October 2024, reaching $264.8 billion. This represents an 18.0% increase from the previous year, demonstrating the company's strong performance in the wealth management and asset management sectors.
**Wealth Management Segment**
IG Wealth Management (IGWM), a key component of IGM's wealth management segment, contributed significantly to the overall growth in AUM&A. The segment reported record high assets under advisement of $136.6 billion, up 0.1% from the prior month. Investment fund net sales for IGWM were $177 million, up from net redemptions of $376 million in October 2023. Total net inflows for the segment were $144 million, up from net outflows of $27 million in the same period last year.
**Asset Management Segment**
Mackenzie Investments, IGM's asset management segment, also played a crucial role in driving the overall growth in AUM&A. The segment's assets under management of $211.3 billion remained relatively stable compared to the prior month. Investment fund net redemptions were $142 million, compared to net redemptions of $356 million in October 2023. Total net sales for Mackenzie Investments were $52 million, up from net redemptions of $300 million in October 2023.
**Market Conditions and Investment Trends**
The overall market recovery and growth in the financial sector have contributed to the rise in assets under management for IGM. The company's strategic focus on wealth management and asset management segments, along with its successful investment strategies, has driven inflows and increased AUM&A. The strong performance of both IG Wealth Management and Mackenzie Investments has attracted new clients and retained existing ones, further boosting assets.
**ETF Net Creations and Investment Fund Net Sales**
In October 2024, ETF net creations contributed significantly to the growth in assets under management, with $25.1 million in ETF net creations to IGM managed products. Investment fund net sales through the IGWM segment increased by $59 million, further boosting AUM&A. The growth in ETF net creations and investment fund net sales highlights the appeal of IGM's ETF offerings and the increasing demand for these investment vehicles among clients.
In conclusion, IGM Financial Inc. has reported strong growth in assets under management for October 2024, driven by the performance of its wealth management and asset management segments. The company's strategic focus on these segments, along with the overall market recovery and investment trends, has contributed to the significant increase in AUM&A. As IGM continues to innovate and adapt to market conditions, it is well-positioned to maintain its strong performance in the future.
**Wealth Management Segment**
IG Wealth Management (IGWM), a key component of IGM's wealth management segment, contributed significantly to the overall growth in AUM&A. The segment reported record high assets under advisement of $136.6 billion, up 0.1% from the prior month. Investment fund net sales for IGWM were $177 million, up from net redemptions of $376 million in October 2023. Total net inflows for the segment were $144 million, up from net outflows of $27 million in the same period last year.
**Asset Management Segment**
Mackenzie Investments, IGM's asset management segment, also played a crucial role in driving the overall growth in AUM&A. The segment's assets under management of $211.3 billion remained relatively stable compared to the prior month. Investment fund net redemptions were $142 million, compared to net redemptions of $356 million in October 2023. Total net sales for Mackenzie Investments were $52 million, up from net redemptions of $300 million in October 2023.
**Market Conditions and Investment Trends**
The overall market recovery and growth in the financial sector have contributed to the rise in assets under management for IGM. The company's strategic focus on wealth management and asset management segments, along with its successful investment strategies, has driven inflows and increased AUM&A. The strong performance of both IG Wealth Management and Mackenzie Investments has attracted new clients and retained existing ones, further boosting assets.
**ETF Net Creations and Investment Fund Net Sales**
In October 2024, ETF net creations contributed significantly to the growth in assets under management, with $25.1 million in ETF net creations to IGM managed products. Investment fund net sales through the IGWM segment increased by $59 million, further boosting AUM&A. The growth in ETF net creations and investment fund net sales highlights the appeal of IGM's ETF offerings and the increasing demand for these investment vehicles among clients.
In conclusion, IGM Financial Inc. has reported strong growth in assets under management for October 2024, driven by the performance of its wealth management and asset management segments. The company's strategic focus on these segments, along with the overall market recovery and investment trends, has contributed to the significant increase in AUM&A. As IGM continues to innovate and adapt to market conditions, it is well-positioned to maintain its strong performance in the future.
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