IGM FINANCIAL INC. ANNOUNCES ASSETS UNDER MANAGEMENT AND ADVISORY AND NET FLOWS FOR SEPTEMBER 2022

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WINNIPEG, MB, October 5, 2022 /CNW/ – IGM Financial Inc. (IGM) (TSX:IGM) today announced preliminary total consolidated net outflows of $441 million during September 2022 as shown in Table 1. Total assets under management and advisory have been $238.1 billion at September 30, 2022compared to $247.2 billion at August 31, 2022and $265.2 billion at September 30, 2021. Assets under management and advice are shown in Table 2.

SEPTEMBER HIGHLIGHTS

IGM Financial – Assets under management & advisory $238.1 billion fell 3.7% during the month. Total net outflows were $441 million compared to the net inflows of $749 million in September 2021. Net redemptions of investment funds were $682 million compared to net sales of $543 million in September 2021.

IG Wealth Management – Assets under the advice of $105.0 billion fell 3.3% during the month. Total net outflows were $40 million compared to the net inflows of $293 million in September 2021.

mackenzie – Assets under management of $180.5 billion down 3.9% over the month. Total net outflows were $389 million compared to the net inflows of $415 million in September 2021. Net redemptions of investment funds were $354 million compared to net sales of $347 million in September 2021.

Table 1 – Gross and net flows
Please see www.igmfinancial.com for file with trend history.

Wealth management

Asset
Management

(in millions of dollars) (unaudited)

IG Wealth Management
Management

Investment
Planning
Advice

Total

mackenzie

IGM

Financial

For the month ended September 30, 2022

Net flows

Mutual fund net sales

(307.7)

(21.0)

(328.7)

(294.3)

(623.0)

Net ETF creations

(59.3) (1)

(59.3)

Net sales of investment funds

(307.7)

(21.0)

(328.7)

(353.6)

(682.3)

Institutional SMA Net Sales

(35.3)(2)

(35.3)

Net sales of assets under management

(307.7)

(21.0)

(328.7)

(388.9)

(717.6)

Net Sales of Mackenzie Investment Funds

(18.1)

(8.6)

(26.7)(3)

Net sales of IGM products

(325.8)

(29.6)

(355.4)

Other net flows

286.2

(9.9)

276.4

276.4

Net flows

(39.6)

(39.5)

(79.0)

(388.9)

(441.2)(3)

Gross flows

Mutual fund gross sales

602.1

41.1

643.2

417.3

1,060.5

Dealer gross receipts

857.5

287.1

1,144.6

1,144.6

Table 2 – Assets under management and advice

(in millions of dollars) (unaudited)

September

2022

August

2022

% To change
Last month

Wealth management

IG Wealth Management

Assets under management

95,460

99,039

(3.6%)

Other assets under deliberation

9,569

9,540

0.3%

Assets under deliberation

105,029

108,579

(3.3%)

Investment Planning Advisor

Assets under management

4,575

4,746

(3.6%)

Other assets under deliberation

23,711

24,604

(3.6%)

Assets under deliberation

28,286

29,350

(3.6%)

Total

Assets under management

100,035

103,785

(3.6%)

Other assets under deliberation

33,274

34 137

(2.5%)

Assets under deliberation

133,309

137,922

(3.3%)

Asset Management

mackenzie

Mutual fund

52,540

54,869

(4.2%)

AND F

5,011

5,330

(6.0%)

Investment Funds

57,551

60 199

(4.4%)

Institutional ADM

6,106

6,415

(4.8%)

Canada Life sub-advisor

45,015

46,736

(3.7%)

Total Institutional ADM

51 121

53 151

(3.8%)

Total (former Wealth Management sub-advisor)

108,672

113,350

(4.1%)

Wealth Management Sub-Advisor

71,834

74,505

(3.6%)

Total

180,506

187,855

(3.9%)

ETFs distributed to third parties

5,011

5,330

(6.0%)

ETFs held in products managed by IGM

6,469

6,519

(0.8%)

Total ETFs

11,480

11,849

(3.1%)

Consolidated

Assets under management

208 707

217 135

(3.9%)

Other assets under deliberation

29,398

30,086

(2.3%)

Assets under management and advice(4)

238 105

247 221

(3.7%)

The interim average assets under management and advice for the quarter to date are shown in Table 3.

Table 3 – Average assets under management and advice

(in millions of dollars) (unaudited)

Quarter to date 2022

Wealth management

IG Wealth Management

Assets under management

99 128

Other assets under deliberation

9,421

Assets under deliberation

108,549

Investment Planning Advisor

Assets under management

4,746

Other assets under deliberation

24,505

Assets under deliberation

29,251

Total

Assets under management

103,874

Other assets under deliberation

33,919

Assets under deliberation

137,793

Asset Management

mackenzie

Mutual fund

55,047

AND F

5,358

Investment Funds

60,405

Institutional ADM

6,338

Canada Life sub-advisor

46,705

Total Institutional ADM

53,043

Total (former Wealth Management sub-advisor)

113,448

Wealth Management Sub-Advisor

73,875

Total

187,323

ETFs distributed to third parties

5,358

ETFs held in products managed by IGM

6,499

Total ETFs

11,857

Consolidated

Assets under management

217 322

Other assets under deliberation

29,887

Assets under management and advice(5)

247 209

1

ETF net creations exclude $132.3 million of ETF net creations for IGM-managed products.

2

Excludes Canada Life sub-advisor and Wealth Management segment.

3

$(26.7) million of net flows from Mackenzie Investment Funds through the Wealth Management segment have been eliminated on consolidation.

4

In total assets under management and advice, $3.9 billion of Mackenzie investment funds distributed through Wealth Management are eliminated on consolidation as of September 30, 2022. ($4.1 billion as of August 31, 2022).

5

Of the average total assets under management and advice, $4.0 billion of Mackenzie mutual funds distributed through Wealth Management are eliminated on consolidation.

Glossary of terms

Mutual fund gross sales, net sales and assets under management reflect the results of the mutual funds managed by the respective operating companies and, in the case of Wealth Management, also include other discretionary portfolio management services provided by the operating companies, including programs separately managed accounts.

“AND F” represent exchange-traded funds managed by Mackenzie.

Institutional ADM represents investment advisory and sub-advisory mandates to institutional investors through separately managed accounts.

“Other net dealer flows” and “other assets under advisement” represents financial savings products held in client accounts of Wealth Management operating companies that are not invested in products or programs where such operating companies conduct investment management activities. These savings products include investment funds managed by third parties, direct investments in equities and fixed income securities and deposit products.

“Assets under deliberation” represents all of the savings products held in the customer accounts of Wealth Management operating companies.

“Net flows” represents the total net contributions, in cash or in kind, to the accounts receivable of Wealth Management operating companies and the overall revenue of the Asset Management segment.

“Wealth Management” – Reflects the activities of operating companies that are primarily focused on providing financial planning and related services to Canadian households. This segment includes the activities of IG Wealth Management and Investment Planning Counsel. These companies are retail distribution organizations that serve Canadian households through their stockbrokers, mutual fund dealers and other affiliates licensed to distribute financial products and services. The majority of this sector’s revenue comes from providing financial advice and distributing financial products and services to Canadian households. This segment also includes the investment management activities of these organizations, including mutual fund management and discretionary portfolio management services.

“Asset Management” – Reflects the activities of operating companies primarily focused on providing investment management services and represents the activities of Mackenzie Investments. Investment management services are provided to a range of investment funds which are distributed through third-party brokers and financial advisers, as well as through institutional advisory mandates to pension plans and other institutional investors .

IGM Financial Inc. is one of from Canada leading diversified wealth and asset management companies with approximately $238 billion of total assets under management and advice. The company offers a wide range of financial planning and investment management services to help more than two million Canadians achieve their financial goals. Its activities are primarily carried out through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. IGM Financial is a member of the Power Corporation group of companies.

SOURCE IGM Financial Inc.

For further information: Media Relations: Nini Krishnappa, 647-828-2553, [email protected]; Investor Relations: Kyle Martens, 204-777-4888, [email protected]

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