IGM Financial has set record high quarter-end assets under management driven by favourable investment returns.
"Year-to-date investment returns of 9 per cent reflect a strong recovery in asset values for our clients, following challenging markets in 2018,” said Jeffrey R. Carney, president and Chief Executive Officer of IGM Financial Inc.
The company announced August 1 that it had net earnings of $185.1 million or 77 cents per share compared to $203.7 million or 85 cents per share in the second quarter 2018.
Record high quarter-end assets under management at June 30, 2019 were $162.3 billion, an increase of 1.2% in the quarter and 2.0% from the prior year driven by favourable investment returns.
Net earnings available to common shareholders down for the quarter
Net earnings available to common shareholders for the three months ended June 30, 2019 were $185.1 million or 77 cents per share compared to $203.7 million or 85 cents per share for the comparative period in 2018.
Investment fund sales for the second quarter of 2019 were $2.0 billion, consistent with 2018 second quarter sales of $2.1 billion. Investment fund sales for the six months ended June 30, 2019 were $4.4 billion, a decrease of 11.1% compared to $4.9 billion in the prior year.
Investment fund net redemptions for the second quarter were $537 million compared to net redemptions of $110 million a year ago.
Investment fund assets under management at June 30, 2019 were $90.2 billion, an increase from $83.1 billion at December 31, 2018 and from $88.8 billion at June 30, 2018.
ETF assets rise at Mackenzie
Mutual fund assets under management at Mackenzie Investments were $58.9 billion and ETF assets were $3.5 billion at June 30, 2019, resulting in consolidated investment fund assets under management of $61.4 billion compared to $55.5 billion at December 31, 2018 and $58.7 billion a year ago. Mackenzie's total assets under management at June 30, 2019 were $68.6 billion, an increase from $62.7 billion at December 31, 2018 and from $67.0 billion at June 30, 2018.
