IGM Financial Inc. today announced receipt of regulatory approval to buy back up to 13 million commons shares.

The parent company of Investors Group and Mackenzie Financial said it will continue its normal course issuer bid through the facilities of the Toronto Stock Exchange from Feb. 23, 2005 to Feb. 22, 2006.

IGM said it intends to purchase for cancellation up to but not more than 13,232,541 of its issued common shares, representing 5% of the approximately 264,650,830 common shares outstanding on Feb. 18, 2005.

Within the past 12 months, the IGM has purchased 756,100 common shares at an average price of $35.5281 per share pursuant to its then outstanding normal course issuer bid.