IGM Financial reports record third quarter earnings
Net inflows in the third quarter were $ 1.9 billion, compared to net inflows of $ 408 million for the same period last year.
Assets under management and advisory also reached record highs in the third quarter of $ 265.2 billion, up 1.2% in the quarter and 35.0% from September 30, 2020. This included 30 , $ 3 billion in net business acquisitions in 2020, according to a press release from IGM.
“We continue to see significant momentum in our business, which is driving strong financial results for our shareholders,” said James O’Sullivan, President and CEO of IGM Financial Inc., in a statement. “Our record third quarter result is attributable to record net flows, strong returns on investment for our clients and a strong contribution to profits from our strategic investments.
In the wealth management segment, which includes IG Wealth Management and Investment Planning Counsel, third quarter 2021 net income was $ 146.8 million and represented 54.2% of IGM’s net income. This is an increase of 21.3% compared to the third quarter of 2020.
Current advisory assets in this segment were $ 145.5 billion, an increase of 1.5% from $ 143.3 billion as of June 30 and an increase of 16.4% from 125 , $ 0 billion as of September 30, 2020.
In the Asset Management segment, which represents the business of Mackenzie Investments, third quarter net income was $ 71 million, an increase of 47% from the third quarter of 2020, and represented 26.2% of IGM’s net profit.
Mackenzie’s assets under management reached an all-time high of $ 203.3 billion at the end of the quarter, an increase of 0.8% from the second quarter and an increase of 39.3% from $ 146 billion. dollars as of September 30, 2020.