IGM Financial’s annual net earnings reached $746.7-million for 2019, down slightly from $767.3-million reported in 2018. Adjusted net earnings for the year were $763.9-million, down from $791.8-million in 2018.
Fourth quarter net earnings were $191.6-million, up from $179.9-million in the fourth quarter of 2018. Adjusted net earnings for the quarter were $200.8-million, up from $179.9-million reported in the fourth quarter of 2018. “Adjusted earnings per share of $0.84 represented the highest fourth quarter result in the company’s history,” IGM said in a statement released Feb. 14.
“Record high” assets under management, meanwhile, were $166.8-billion as of Dec. 31, 2019, an increase of 11.9 per cent over the prior year, thanks to favourable investment returns. Assets under administration increased by 11.8 per cent to $190.2-billion. Investment fund net redemptions reached $141-million during the quarter, compared to net redemptions of $225-million reported in the fourth quarter of 2018.
IGM says its record high assets under management numbers were driven by strong investment returns, high net worth client acquisition by IG Wealth Management, and by Mackenzie Investment’s retail sales strength. “We made significant progress in 2019 on our transformation efforts, resulting in enhancements to our client and advisor experience, combined with operational efficiencies,” says IGM’s president and chief executive officer, Jeffrey Carney.
The company’s board of directors declared a dividend of $0.5625 per common share, payable on April 30, 2020 to shareholders of record on March 31, 2020.
