IGM Financial Inc. reported adjusted net earnings of $237.8 million for the first quarter, up 5.9% from the same quarter of 2024 as its assets under management and advisement rose 9.1% to $275 billion.
In a release, James O’Sullivan, president and CEO, noted the increase in assets was driven by strong results from both its wealth management and asset management divisions.
IG Wealth Management recorded an increase in assets under advisement (AUA) to $141.5 billion for quarter — up 10.6% from the comparable quarter of 2024, and up 0.8% from the final quarter of 2024.
It saw record high gross client inflows of $4.2 billion, up 12.6% from the first quarter of 2024.
At the company’s AGM on Friday, O’Sullivan noted that the firm saw particular growth in high net worth client assets under advisement, which reached $62 billion, up 35% year over year.
Revenues for its wealth management business — including IG Wealth Management and the company’s investments in Rockefeller Capital Management and Wealthsimple Financial Corp. — were $639.5 million, up from $582.6 million in last year’s first quarter.
At the end of March, IG Wealth Management had 1,631 advisor practices, down from 1,677 at end of first quarter of 2024. In addition, the firm separately counted 212 new advisors (those with less than four years experience) compared with 261 a year earlier.
It said its total advisor network was 3,150, compared to 3,163 a year earlier.
Asset management
Its asset management business, Mackenzie Investments reported total AUM of $218.6 billion, up 7.3% from the same quarter last year, and up 2.5% from the final quarter of 2024.
Investment fund net redemptions were $85 million, down from $194 million in last year’s first quarter. Mutual fund gross sales rose 11.9% to $2.6 billion, while ETF assets under management grew to $17 billion, up from $13.8 billion in Q1 2024.
Revenues in IGM Financial’s asset management business, which includes Mackenzie Investments and IGM’s investments in China Asset Management Co., Ltd. and Northleaf Capital Group Ltd., rose to $257.9 million from $241.9 million. Adjusted net earnings available to common shareholders from this segment rose slightly to $86.5 million, representing 36.4% of IGM’s adjusted net earnings.