IGM reports increased earnings and record-high AUM in Q3

IGM Financial Inc. reported record-high assets under management (AUM) for the third quarter along with net earnings of $198.2 million.

The firm’s net earnings were $173.4 million for the same period last year, IGM said in a release. The net earnings per share was $0.82 for Q3, an increase from $0.72 per share for Q3 2017.

Good investment returns drove IGM’s AUM to a record-high $159.7 billion for Q3, an increase of 6.5% year-over-year. Investment fund net sales were $137 million.

IGM will maintain its dividend of $0.5625 per share.

IGM’s subsidiary, IG Wealth, reported a quarterly record-high AUM of $89 billion, an increase of 4.4% from Q3 2017. Its investment fund sales were $2 billion for the third quarter, a decline of 3.6% from the same quarter in 2017.

Subsidiary Mackenzie Investments had its best third quarter in its history. The firm sold $2.3 billion of mutual funds in Q3 2018, compared with $1.8 billion for Q3 2017. Net redemptions of mutual funds were $57 million for the quarter compared with net sales of $305 million for the same period last year.

The firm’s net ETF creations was $377 million, including its mutual fund investments in ETFs of $62 million. ETF assets under management hit a high of $3 billion in Q3.

Mackenzie’s total assets under management were $67.3 billion for the third quarter, an increase from $60.8 billion year-over-year.

Staff

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