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Winnipeg-based IGM Financial Inc. reported record earnings on Friday, attributing the result to fund sales and market performance.

For Q4, ended Dec. 31, net earnings for the firm were a record $268.5 million or $1.11 per share — up 17% from Q4 2020. Annual net earnings were a record $978.9 million or $4.08 per share, up 28% from 2020.

“These very strong results were driven by record-high net sales, positive investment returns for our clients, and increased earnings contributions from our strategic investments,” said James O’Sullivan, president and CEO of IGM Financial, in a release.

Within asset management (Mackenzie Investments), annual fund net sales hit a record high of $5.4 billion, compared to net sales of $4.2 billion in 2020.

Fourth-quarter fund net sales were $757 million, compared to $1.7 billion in 2020.

Within wealth management, which includes IG Wealth Management and Investment Planning Counsel, Q4 net earnings of $147.2 million represented 54.8% of IGM’s net earnings and an increase of 20.9% compared to Q4 2020.

Wealth management’s annual net earnings were $543 million.

Record-high assets under advisement in wealth management were $152.6 billion at Dec. 31, an increase of 4.9% from $145.5 billion in the previous quarter and an increase of 15.1% from $132.6 billion a year earlier.

For IGM as a whole, assets under management and advisement were a record $277.1 billion, up 4.5% in the quarter and 15.5% from the previous year.