Winnipeg-based IGM Financial Inc. saw its net earnings increase in the third quarter and its assets under management reach an all-time high.
IGM reported net earnings of $190.9 million or 80 cents per share in Q3, up from $183.5 million or $0.77 per share in the previous quarter, but down from $202.5 million or 85 cents per share in Q3 2019.
The firm also reported record assets under management and advisement of $196.4 billion, up 4.3% from the previous quarter and 6.1% year over year.
“Our record level of assets under management and advisement of $196.4 billion in the quarter reflects strong net sales activity as well as continued positive investment returns for our clients,” James O’Sullivan, president and CEO of IGM Financial Inc., said in a statement.
After recording a net outflow of $1.1 billion in Q3 2019, IGM reported net inflows of $408 million in the quarter ended Sept. 30, 2020.
IGM subsidiary IG Wealth Management reported an all-time high of $97.5 billion in assets under advisement in Q3. Gross client inflows for the quarter were $2.1 billion, while net client outflows were $9 million, an improvement over outflows of $233 million a year ago.
IGM subsidiary Mackenzie Investments reported an all-time high of $147.3 billion in assets under management. Total net sales were $627 million, compared to net redemptions of $678 million a year ago, and investment fund net sales were $946 million, compared to $454 million a year ago.