Winnipeg-based IGM Financial Inc. reported its 2021 third-quarter earnings on Friday, posting record-high profits, inflows and assets.
Net earnings were $270.8 million or $1.13 per share in the quarter ended Sept. 30, up 42% from $190.9 million or $0.80 per share in the third quarter of 2020.
Third-quarter net inflows were $1.9 billion, compared to net inflows of $408 million in the same period last year.
Assets under management and advisement also hit record highs in Q3 of $265.2 billion, up 1.2% in the quarter and 35.0% from Sept. 30, 2020. That included $30.3 billion in net business acquisitions in 2020, a release from IGM said.
“We continue to see significant momentum across our businesses driving strong financial results for our shareholders,” said James O’Sullivan, president and chief executive officer of IGM Financial Inc., in a statement “Our record high third quarter earnings result was driven by record high net flows, strong investment returns for our clients, and strong earnings contribution from our strategic investments.”
In the wealth management segment, which includes IG Wealth Management and Investment Planning Counsel, net earnings in the third quarter of 2021 were $146.8 million and represented 54.2% of IGM’s net earnings. This was an increase of 21.3% compared to the third quarter of 2020.
Assets under advisement in that segment were $145.5 billion, an increase of 1.5% from $143.3 billion at June 30 and an increase of 16.4% from $125.0 billion at Sept. 30, 2020.
In the asset management segment, which represents the operations of Mackenzie Investments, net earnings in Q3 were $71 million — an increase of 47% compared to the third quarter of 2020— and represented 26.2% of IGM’s net earnings.
Mackenzie’s assets under management saw an all-time quarter-end high of $203.3 billion, an increase of 0.8% from Q2 and an increase of 39.3% from $146 billion at Sept. 30, 2020.