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IGM Financial Inc. saw its adjusted net earnings fall year over year in the first quarter, with net flows and assets under management and advisement also dropping.

The Winnipeg-based company reported its Q1 2023 results on Wednesday.

Net earnings were $381.3 million, up 74% from $219.3 million in Q1 2022. However, this increase was due entirely to a gain on the sale of Great-West Lifeco Inc. shares. Without that gain, Q1 2023 net earnings were $206.5 million, down by 6% year over year.

Nonetheless, the firm was upbeat. “Positive investment returns for our clients and a continued focus on expense management resulted in solid earnings for the quarter,” said James O’Sullivan, president and CEO of IGM Financial, in a release. “We were pleased to announce the acquisition of a 20.5% interest in Rockefeller Capital Management and our entry into the U.S. wealth management market.”

Assets under management and advisement also fell in Q1, dropping 2.9% year over year to $260.4 billion. Net flows decreased 60% to $990 million from $2.5 billion over the same period, with IG Wealth Management experiencing $273 million in mutual fund net redemptions alone.

IGM’s wealth management activities brought in $534.1 million in revenue in Q1, down 5% from $561.2 million a year earlier. Asset management, meanwhile, brought in $236.1 million, down by 8% from $256.1 million in Q1 2022. In February, IG Wealth Management announced it would wind up its corporate-class structure.

IGM reported that IG Wealth Management had 3,234 advisors in Q1, down slightly from 3,288 a year earlier.

In April, IGM announced it was selling subsidiary Investment Planning Counsel to Canada Life for $575 million. IPC had $4.8 billion in assets under management in Q1, down from $5.2 billion a year earlier, and 662 advisors.