IGM Financial Inc.
TSX : IGM

IGM Financial Inc.

January 05, 2011 16:59 ET

IGM Financial Inc. Announces December 2010 Mutual Fund Sales and Total Assets Under Management

WINNIPEG, MANITOBA--(Marketwire - Jan. 5, 2011) - IGM Financial Inc. (IGM) (TSX:IGM) today reported preliminary total mutual fund net new money in December of $(171.4) million as shown in Table 1. Total assets under management were $129.9 billion at December 31, 2010, compared with $120.5 billion at December 31, 2009. Mutual fund assets under management were $107.9 billion as at December 31, 2010, compared with $100.4 billion at December 31, 2009. Assets under management are shown in Table 2. 

Table 1 - Mutual Funds Net New Money * December 2010  
(millions) (unaudited) Investors Group     Mackenzie     Counsel Portfolio Services / Titan Funds   IGM Financial  
All Mutual Funds                            
  Gross Sales $ 453.1     $ 549.4     $ 50.6   $ 1,053.1  
  Net New Money * $ (54.6 )   $ (140.4 )   $ 23.6   $ (171.4 )
Long Term Mutual Funds                            
  Gross Sales $ 391.2     $ 491.3     $ 44.0   $ 926.5  
  Net New Money * $ (51.8 )   $ (132.3 )   $ 19.2   $ (164.9 )
   
* Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used by The Investment Funds Institute of Canada (IFIC).
   
Table 2 - Assets under Management
(billions) (unaudited)
December 31, 2010   December 31, 2009   % Change
YOY
  Mutual Funds              
    Investors Group $ 61.78   $ 57.66   7.1
    Mackenzie $ 43.45   $ 40.62   7.0
    Counsel Portfolio Services / Titan Funds $ 2.69   $ 2.14   25.7
Mutual Fund Assets under Management $ 107.92   $ 100.42   7.5
  Private, institutional, sub-advised and other - Mackenzie $ 21.94 1 $ 20.13 1 9.0
Total Assets under Management $ 129.86   $ 120.55   7.7

Preliminary average mutual fund assets under management and average total assets under management for the quarter to date are set out in Table 3.

Table 3 - Average Assets under Management2    
(billions) (unaudited) Quarter to Date  
  Mutual Funds      
    Investors Group $ 61.23  
    Mackenzie $ 42.20  
    Counsel Portfolio Services / Titan Funds $ 2.59  
Average Mutual Fund Assets under Management $ 106.02  
  Private, institutional, sub-advised and other - Mackenzie $ 21.06 1
Total Average Assets under Management $ 127.08  
   
1 excludes assets managed by Mackenzie on behalf of Investors Group and Investment Planning Counsel.
2 based on daily average mutual fund assets and month-end average private, institutional, sub-advisory and other assets.

A subsidiary of Investment Planning Counsel Inc. acquired Titan Funds Incorporated effective November 1, 2010. Sales and net sales (redemptions) since the acquisition date have been included in the tables above. Mutual fund assets under management for Titan Funds Incorporated were $126 million as at December 31, 2010.

For more information on mutual fund activity, please refer to press releases issued by Investors Group Inc., Mackenzie Investments and Investment Planning Counsel Inc.

Additional information about mutual fund assets and fund flows will be available on the Investment Funds Institute of Canada (IFIC) web site (www.ific.ca) on approximately the 15th of each month as part of a Canadian industry-wide release of monthly statistics.

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with $130 billion in total assets under management. Its activities are carried out principally through Investors Group, Mackenzie Financial Corporation and Investment Planning Counsel. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.

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