IGM Financial Inc. reported net earnings of $229.1 million in the fourth quarter (ended Dec. 31, 2020), up from $191.6 million a year earlier.
Assets under advisement reached a record $103.3 billion for IG Wealth Management at the end of Q4, up 5.9% from Q3 and 6.4% year over year. Net client inflows hit $485 million, compared to an outflow of $109 million in Q4 2019.
Mackenzie Investments reported a record $186.8 billion in assets under management (AUM) at the end of Q4, up from $141.8 billion a year earlier. Mackenzie’s acquisitions of GLC Asset Management Group Ltd. and Greenchip Financial Corp in Q4 contributed to the growth in AUM.
Net sales for investment funds reached a record-high $1.7 billion for Mackenzie, up from $220 million in Q4 2019. Mutual fund net sales were $1.4 billion, up from $18 million a year earlier. ETF AUM totalled $8.5 billion at the end of Q4, up from $4.7 billion at the end of 2019 — if you exclude investment in ETFs by IGM mutual funds, ETF AUM was $3.8 billion and $2.4 billion, respectively.
“We are pleased with the momentum in our business as we ended 2020, with record-high asset levels, net flows and adjusted net earnings per share in the fourth quarter,” James O’Sullivan, president and CEO of IGM Financial Inc., said in a statement.