IGM Financial Inc.
TSX : IGM

IGM Financial Inc.

November 04, 2014 16:51 ET

IGM Financial Inc. Announces October 2014 Mutual Fund Sales and Total Assets Under Management

WINNIPEG, MANITOBA--(Marketwired - Nov. 4, 2014) - IGM Financial Inc. (IGM) (TSX:IGM) today reported preliminary total mutual fund net new money in October of ($236.5) million as shown in Table 1. Total assets under management were $140.1 billion at October 31, 2014, compared with $140.6 billion at September 30, 2014 and $129.5 billion at October 31, 2013. Mutual fund assets under management were $124.8 billion as at October 31, 2014, compared with $125.2 billion at September 30, 2014 and $114.6 billion at October 31, 2013. Assets under management are shown in Table 2.

Table 1 - Mutual Funds Net New Money*
Month ended October 31, 2014
($millions) (unaudited)
Investors Group Mackenzie Counsel IGM Financial2
All Mutual Funds
Gross Sales $ 615.2 $ 580.6 1 $ 66.2 $ 1,259.4
Net New Money $ 34.3 $ (287.5 )1 $ 17.6 $ (236.5 )
Long Term Mutual Funds
Gross Sales $ 536.5 $ 531.7 $ 61.4 $ 1,127.0
Net New Money $ 12.2 $ (308.5 ) $ 13.8 $ (283.4 )
(1) During October, 2014, a third party investment program which includes Mackenzie mutual funds made fund allocation changes which resulted in gross sales to Mackenzie of $62 million and net redemptions to Mackenzie of $224 million.
(2) Total Mutual Fund Gross Sales and Net New Money for the month ended October 31, 2014 excluded $2.6 million and $0.9 million respectively in accounts invested in Mackenzie Financial Corporation funds held by Investment Planning Counsel.

*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 Management3
($ billions) (unaudited)
Oct
2014
Sept
2014
Oct
2013
% Change
Last Month
% Change
YOY
Total Assets under Management $ 140.09 $ 140.62 $ 129.47 (0.4 ) 8.2
Mutual Fund Assets under Management $ 124.76 $ 125.18 $ 114.55 (0.3 ) 8.9
Investors Group
Mutual Funds $ 72.51 $ 72.69 $ 66.54 (0.2 ) 9.0
Mackenzie
Mutual Funds $ 48.50 $ 48.77 $ 44.77 (0.6 ) 8.3
Sub-advisory, institutional and other3 $ 21.06 $ 21.18 $ 19.92 (0.6 ) 5.7
Total Mackenzie $ 69.56 $ 69.95 $ 64.69 (0.6 ) 7.5
Counsel
Mutual Funds $ 3.80 $ 3.77 $ 3.27 0.8 16.2
(3) Excludes assets managed by Mackenzie on behalf of Investors Group and Investment Planning Counsel. These assets have a value of $5.8 billion at October 31, 2014 ($5.8 billion at September 30, 2014 and $5.0 billion at October 31, 2013)

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 Management4
($ billions) (unaudited) Quarter to Date
Total Average Assets under Management5 $ 138.26
Mutual Fund Average Assets under Management5 $ 122.87
Investors Group
Mutual Funds $ 71.48
Mackenzie
Mutual Funds $ 47.71
Sub-advisory, institutional and other $ 21.12
Total Mackenzie $ 68.83
Counsel
Mutual Funds $ 3.73
(4) Based on daily average mutual fund assets and month-end average private, institutional, sub-advisory and other assets.
(5) Excludes average assets of $5.8 billion managed by Mackenzie on behalf of Investors Group and Investment Planning Counsel.

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 over $140 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of over 5,000 Consultants, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.

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