IGM Financial reports net earnings drop in first quarter

Winnipeg-based IGM Financial Inc. reported a drop in net earnings in the first quarter of this year as market declines related to Covid-19 hit the firm’s assets under management (AUM).

IGM reported first quarter net earnings of $160.9 million on Friday, or 68¢ per share, compared with $167.5 million or 70¢ per share in the first quarter of 2019.

The firm’s $147.5 billion in AUM on March 31 was down 8.1% from the previous year and 11.6% from Dec. 31, IGM said in its earnings release.

Earlier this week the firm reported more positive numbers for April, with assets rising as markets rebounded.

“We have been working with our clients to ensure that they have the support they need and remain focused on their financial plans,” president and CEO Jeff Carney said in a statement.

“Our strong business results during the period, despite the impact of Covid-19, reflect our focus on financial planning throughout different market environments.”

Subsidiary Mackenzie Investments’ mutual fund assets totalled $54.3 billion at the end of the quarter, and ETF assets totalled $5.3 billion. The consolidated total of $57.8 billion was down 3.9% from $60.1 billion a year ago.

Mark Burgess

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Mark was the managing editor of Advisor.ca from 2017 to 2024.