IGM Financial Inc. · TSX:IGM
IGM Financial — Investor Presentation (February 2023)
74 slides from IGM Financial's investor presentation, February 2023
Slide 1: IGM Financial Investor Presentation
February 2023 IGM FINANCIAL Investor Presentation
Slide 2: Caution concerning forward-looking statements
Caution concerning forward-looking statements Certain statements in this report, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial’s current expectations. Forward-looking statements are provided to assist the reader in und
Slide 3: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by IFRS and may not be directly comparable to similar measures used by other companies. These measures and ratios are used to prov
Slide 4: Non-IFRS financial measures & other financial measures (continued)
Non-IFRS financial measures & other financial measures (continued) Other items for the three month period ending December 31, 2021 consisted of: • Additional consideration receivable of $10.6 million ($7.7 million after-tax) related to the sale of the Company’s equity interest in Personal Capital in
Slide 5: Glossary
Glossary AUM&A: Assets Under Management & Advisement AUA: Assets Under Advisement AUM: Assets Under Management CAGR: Compound Annual Growth Rate DSC: Deferred Sales Charge EPS: Earnings per Share ESG: Environmental, Social and Governance ETF: Exchange Traded Fund FMV: Fair market value FSB: Full-Ser
Slide 6: IGM Financial
IGM Financial 6 | IGM FINANCIAL INVESTOR PRESENTATION
Slide 7: IGM Financial: A diversified wealth and asset management company
IGM Financial: A diversified wealth and asset management company with leading brands in Canada • 2022 Adjusted EPS1 of $3.63, our 2nd best adjusted EPS1 in history Demonstrating Strong Earnings • Continued prudent expense management and positioning business for further earnings growth as current & O
Slide 8: IGM at a glance
IGM at a glance Assets Under Management & 2022 Adjusted EPS by Segment2 Valuation by Segment $249.4B Advisement Peer IGM $3.63 Average6 Mutual Fund AUM Market Share1 Top 4 IN CANADA Strategic Investments & Other 23.7% ~$4.1B Clients ~2 Million estimated FMV4,5 & other investments Employees3 3,800+ A
Slide 9: Multi-channel distribution
Multi-channel distribution Complemented by strategic investments that diversify earnings and expand capabilities Wealth Management: $140B AUA Asset Management: $187B AUM Comprehensive personal financial planning Integrated personal Diversified asset management solutions delivered through long-term r
Slide 10: Strength and scale as part of Power Corporation Group of Companies
Strength and scale as part of Power Corporation Group of Companies1 Power Corporation IGM Great-West Lifeco Financial Investment Planning Putnam Investments Great-West Financial Canada Life Mackenzie IG Wealth Management Counsel PanAgora Asset Empower Irish Life 2.4% (January 12/23) 24% fully dilute
Slide 11: IGM is focused on bettering lives for tomorrow
IGM is focused on bettering lives for tomorrow IGM’s sustainability strategy Our sustainability strategy keeps us focused on what matters most to our business and our stakeholders, and seeks to accelerate positive change in areas where we – as wealth and asset managers – can make the greatest impact
Slide 12: IGM Financial 2022 Highlights
IGM Financial 2022 Highlights 2022 EPS of $3.63, • Resilient business model and strong expense management contributed to financial results 2nd best annual adjusted EPS on record Ending AUM&A of $249.4B; • Driven by client investment returns of (9.9%) down 10% versus prior year record high results •
Slide 13: Annual net flows from wealth and asset management
Annual net flows from wealth and asset management IGM Financial Consolidated Annual Net Flows1 ($MM) IGM Financial Segmented Annual Net Flows ($MM) 8,701 Asset Wealth Management Management 7,099 IG Wealth IPC Mackenzie Management 5,134 3,695 3,684 1,442 2,690 1,157 638 107 488 255 (287) (168) (1,664
Slide 14: IGM Q4, 2022 highlights
IGM Q4, 2022 highlights Fourth quarter EPS of 94 cents, 2nd best fourth quarter adjusted EPS on record Ending AUM&A of $249.4B, up 4.7% during the quarter • Solid IG Wealth Management net flows of $429MM Fourth quarter total net redemptions • Mackenzie total net redemptions of $967MM, in-line with i
Slide 15: Financial market and client investment returns
IGM Q4/22 Financial market and client investment returns IGM Client Return Index1 2.6 Investment Performance Q1/23 at 2.4 2021 Q4/22 2022 Jan 31/23 IGM Client Investment Returns 2 11.9% 5.4% (9.9%) 4.3% 2.2 Equity Markets: Canada (S&P / TSX Composite) 25.1% 6.0% (5.8%) 7.4% 2.0 U.S. (S&P 500) 28.7%
Slide 16: Industry operating environment and IG and Mackenzie net flows rates
IGM Q4/22 Industry operating environment and IG and Mackenzie net flows rates Net Flows Rate as at December 31, 2022 Fourth Quarter Industry Long-term Net Sales ($B) (Last Twelve Month Trailing, % of Average Assets) 3,4 4 Mackenzie total investment funds Mackenzie retail investment funds Total Indus
Slide 17: Fourth Quarter and Full Year Net Flows
IGM Q4/22 Fourth Quarter and Full Year Net Flows ($MM) Wealth Management Asset Management IGM Consolidated Strategic Investments 2 Institutional Quarter SMA1 1,239 1,307 985 1,234 429 1,810 123 45 757 181 (576) (305) (576) (832) (135) (135) (440) (967) Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22
Slide 18: Fourth quarter ending AUM&A
IGM Q4/22 Fourth quarter ending AUM&A (CAD $B) Wealth Management Asset Management1 IGM Consolidated Strategic Investments 2 3 +2% 338 331 277 -10% 249 -7% 129 -12% 120 111 113 -11% +24% 33 30 24 20 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 Q4/21 Q4/22 1) Excludes sub-advisory to We
Slide 19: IGM Financial adjusted EBIT & margins
IGM Q4/22 IGM Financial adjusted EBIT & margins IGM Adjusted EBIT1 ($MM) IGM Adjusted EBIT Margin1,2 (% of AUM&A) Direct advisor/dealer 902.1 compensation3 & sub- 857.2 848.0 824.7 827.3 advisory expenses 253.5 Share of associates’ 1.24% 1.22% 1.22% 1.23% 1.23% 253.7 241.6 245.9 earnings and net 240
Slide 20: Adjusted net earnings available to common shareholders by segment and company
IGM Q4/22 Adjusted net earnings available to common shareholders1 by segment and company ($MM) Wealth Management Asset Management Strategic Investments & Other2 IGM Consolidated3 Quarter 260.8 -14% 224.7 -26% 141.1 104.6 -21% +35% -46% 65.3 -16% +231% 51.3 40.9 30.4 15.3 6.1 3.3 12.8 2.6 8.6 Q4/21 Q
Slide 21: Prudent expense management positioning business for earnings growth
During 2022, IGM continued along a path of prudent expense management, positioning business for further earnings growth Position business for further earnings growth as current period of IGM Assets Under Management & Continued focus on prudent heightened market volatility subsides Advisement expense
Slide 22: Adjusted Net Earnings and Valuation by Segment and Company
Adjusted Net Earnings Available to Common Shareholders and Valuation by Segment and Company ($MM) Wealth Management Asset Management Strategic Investments & Other IGM Consolidated Adjusted Net Earnings -1% Available to Common -4% 867 862 Shareholders1 437 Other adjusted 419 +138% 2022 -38% net earni
Slide 23: Chinese Mutual Fund Industry AUM and Net Flows
Chinese Mutual Fund Industry AUM and Net Flows ChinaAMC is an industry leader, and consistently among the top five in the league tables Growth Chinese Mutual Fund Industry Long-term Mutual Chinese Mutual Fund Industry QoQ 1yr Fund Market Share2 (% at December 31, 2022) Ending 25.1 26.4 26.3 25.7 (2%
Slide 24: ChinaAMC: a leading Chinese asset manager; AUM and Earnings
– a leading Chinese asset manager; AUM and Earnings ChinaAMC Ending AUM1 IGM Share of ChinaAMC Earnings2 (RMB billions) (CAD millions) 1-Year Growth 17.0 1,740 1,733 1,722 4% 1,662 1,599 14.8 14.7 14.2 13.5 604 591 584 (6%) 623 594 359 382 383 29% 297 316 741 688 778 761 754 2% Q4/21 Q1/22 Q2/22 Q3/
Slide 25: Northleaf: A leading mid-market global private markets firm
– A leading mid-market global private markets asset management firm About Northleaf Ownership and Strategic Rationale 1. A global private equity, private credit and 1. Mackenzie & Lifeco jointly own 70% economic interest in Northleaf (49.9% voting) through an acquisition vehicle 80% owned by Mackenz
Slide 26: Wealthsimple: Canada's largest online investment management service
– Canada’s largest online investment management service • Wealthsimple’s AUA was flat year-over-year and increased sequentially by 4.6% • The number of clients served by Wealthsimple increased 16% in the last year to 2.0 million (excluding users who only use Wealthsimple Tax)1 Wealthsimple AUA of CA
Slide 27: Capital allocation priorities
Capital allocation priorities • Drive innovation and new product development REINVEST IN THE • Execute initiatives to improve efficiency and profitability BUSINESS • Operational excellence across the organization MAINTAIN • Maintain strong liquidity STRONG • Value “A” credit rating CREDIT PROFILE •
Slide 28: IGM investment highlights
IGM investment highlights • Diversified financial services provider, focused on financial planning and investment management services • IGM is one of the top 4 mutual fund managers in Canada, with assets under management of $217.0B at December 31, 2022 A leading Canadian financial • Strong operating
Slide 29: IG Wealth Management
IG Wealth Management 29 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N
Slide 30: Key Messages – IG Wealth Management
Key Messages – IG Wealth Management Competitive advantage Our advantage is further Actions taken have with strong enabled by hiring top A leading wealth enhanced the client New client-centric entrepreneurial Advisor quality advisors, management company in experience and sales strategy with more focu
Slide 31: IG Wealth Management At A Glance
IG Wealth Management At A Glance Leading wealth management company in Canada inspiring financial confidence Key statistics Total AUA $110.8 Billion $7.7 Billion $4.2 Billion Total AUM $99.3 Billion Client All-in-One accounts Clients 1 Million+ Mortgages (available credit) Advisor Practices1 1,741 In
Slide 32: IG Wealth Management journey
Oct 2018 Investors Group relaunched brand to IG IG Wealth Management journey Wealth Management with renewed focus on mass affluent & HNW segments Emphasis on QUALITY & PROFICIENCY, with brand enhancement Q3 2019 • Q2/21 New private • Q1/22 IG Wealth’s • Q3 2017 Investors Group’s in-house Launched ne
Slide 33: IG Wealth Management: Increasing the financial confidence of all Canadians
IG Wealth Management Increasing the financial confidence of all Canadians We believe that Canadians deserve a high standard of advice that takes into consideration all dimensions of their financial lives with financial plans tailored to meet and adapt to their needs. Comprehensive Personal Long-term
Slide 34: Canadian financial assets projected to grow to $9.7 trillion by 2030
Canadian financial assets projected to grow to $9.7 trillion by 2030 Canadian Discretionary Financial Assets ($ Trillions, at Dec 31) 4.6% Compound 9.7 • Net contribution rate of 2-3% of assets Annual Growth Rate 0.3 Gen Z per year expected ($192 billion per year) 1.7 Millennials • Increasing popula
Slide 35: Managed solutions and financial advisors remain most important part of savings
Managed solutions and financial advisors projected to remain most important part of Canadian savings Canadian Discretionary Financial Wealth ($ Trillions, at Dec 31) By savings vehicle1 By distribution channel CAGR CAGR Investment Financial 9.7 5% advisors 41% of 9.7 5% funds 42% of savings savings
Slide 36: Opportunity within mass affluent & high net worth households
Opportunity within mass affluent & high net worth households IG Wealth Management Market Share IG’s financial planning offering is By Household Wealth well-suited to the needs of the IG Wealth Management Market Share mass affluent and HNW segments Canadian Financial Assets ($ billions) 5% $2,008 IG
Slide 37: Strategic mandate: comprehensive advice with competitive fee rates
Our strategic mandate to be Canada’s financial partner of choice starts with comprehensive financial advice; Our advisory & product fee rates are competitive Actions taken during the 2010’s position IG with competitive fees (Wealth management fees in bps) OUR WELL-CONSTRUCTED, 2011: Bundled fee 2016
Slide 38: Well constructed managed solutions provide advisors opportunity
Well constructed managed solutions provide advisors with the best opportunity to focus on providing comprehensive financial planning 82% OF LONG-TERM GROSS SALES (LTM) | 69% OF LONG-TERM FUND ASSETS January 30, 2023 The iProfile Portfolios, IG Wealth Portfolios, IG Climate Action Portfolios and the
Slide 39: Leading portfolio construction with public, private and alternative strategies
Leading portfolio construction with investment solutions that include public markets, private markets and alternative strategies EXPANDED USE OF PRIVATE MARKET INVESTMENTS AND LIQUID ALTERNATIV ES IN iPROFILE MANAGED SOLUTIONS ILLUSTRATION OF iPROFILE GLOBAL L I Q U I D A LT E R N AT I V E S NEUTRAL
Slide 40: Strong Advisor productivity
Strong Advisor productivity Gross Inflows per Advisor Gross Inflows per Advisor Recruit with <4 years experience Practice with >4 years experience ($MM) ($MM) Key Initiatives Driving Productivity • Tightened recruiting standards 1.69 0.66 • National Service Centre to help provide 1.49 0.60 1.38 cons
Slide 41: Sales Growth Driven by HNW & Mass Affluent Client Acquisition
Sales Growth Driven by Accelerating High-Net-Worth & Mass Affluent Client Acquisition Gross Flows from Newly Acquired Clients Gross Flows from Newly Acquired Clients (Annual, $MM) (Last Twelve Month Trailing, $MM) By Client Assets Brought to IG Wealth By Client Assets Brought to IG Wealth Growth <$1
Slide 42: Solid Net Flows at IG Wealth Management
Solid Net Flows at IG Wealth Management IG Wealth Management Gross and Net Flows1 ($MM) IG Wealth Management Flows (in $B) Gross Inflows Gross Outflows Net Flows (Last Twelve Month Trailing, as at January 31, 2023) Month of January 1,166 1,066 Total Net Flows IGM Product Net Flows 999 834 879 739 86
Slide 43: IG Wealth Management Q4, 2022 operating results
IG Wealth Management Q4, 2022 operating results Gross Outflows Rate Assets Under Gross Inflows ($MM) (quarterly annualized) Net Flows ($MM) Advisement ($B) Cash, GICs, HISAs 985 3rd party 3,437 IGM Solutions 3,031 9.4% 429 119.6 8.3% 3.0 5.0 105.0 110.8 3.8 5.3 5.0 5.4 Q4/21 Q4/22 Net Flows Q4/21 Q4
Slide 44: IG Wealth's clients remaining committed to financial plans
IG Wealth’s clients remaining committed to financial plans, IG focused on comprehensive financial planning Redemption Rates1 (Last Twelve Month Trailing % of Average Assets) 20% 18% 16.6% 16% Industry 14% (as at Dec. 31, 2022; IG Investment Return Index based on long-term fund redemptions & 12% AUM;
Slide 45: Continued momentum advancing client, advisor and employee value proposition
Continued momentum advancing client, advisor and employee value proposition IG Wealth was a top performer in 2022 J.D. Power 2022 Canada Full-Service Investor Satisfaction Study Investment Executive Dealer Report Card Overall Customer Satisfaction Index Ranking (based on 1,000-point scale) Overall R
Slide 46: Continued momentum advancing advisor value proposition
Continued momentum advancing advisor value proposition Investment Executive Report Cards1 Strong performance reflects Top Ranking in Dealer Report Card Strong Position vs. Big 5 Bank FSBs recent initiatives of integrating 5th 2 3rd 3rd 1st 2 Net Promoter Score (out of -100 to +100) our systems that
Slide 47: Mackenzie Investments
Mackenzie Investments 47 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N
Slide 48: Key Messages – Mackenzie Investments
Key Messages – Mackenzie Investments We have successfully executed Mackenzie Supporting team success Sustained performance turnaround; shift from Executing on foundational and cost efficiency based on top talent and Clear line of sight for 2023 equity mutual fund strategy; nimble approach through di
Slide 49: Mackenzie Investments At A Glance
Mackenzie Investments At A Glance Diversified asset management solutions provider Key statistics AUM by asset class2 Vehicle Agnostic Total AUM1 $186.6 Billion SPECIALTY ✓ Mutual funds INCOME Clients 1 Million+ ✓ ETFs CANADIAN EQUITY Advisors Served 30,000+ ✓ HNW pools Employees4 1,394 ASSET ALLOCAT
Slide 50: Mackenzie's journey since 2016
Mackenzie’s journey since 2016 Shift from equity mutual fund firm to global, future-oriented investment solutions firm • 1997: Joined IG Wealth • Progressed in organization Barry McInerney Luke Gould through roles in business and strategic analysis, PRESIDENT AND CEO PRESIDENT AND CEO investor relat
Slide 51: Mackenzie strategy
Mackenzie strategy OBJECTIVE Become Canada’s preferred global asset management solutions provider & business partner PURPOSE Creating a more invested world, together Our strategic focus Goals 1. Win in Retail TOP INVESTMENT FIRM IN CANADA in a segmented way 2. Build global Institutional business ENG
Slide 52: Opportunity for Mackenzie to access Money in Motion
Opportunity for Mackenzie to access “Money in Motion” with third party distribution model Industry Long Term Mutual Fund Assets Non-Bank Long Term Mutual Fund Sales ($ Billions) ($ Billions) Bank-Owned Non-Bank Gross Sales Net Sales 2,500 200 2,000 150 Significant 5-year CAGR “Money in 3.8% at Dec/2
Slide 53: 2022 Advisor Perception results show continued momentum
2022 Advisor Perception results show continued momentum Mutual Fund Advisor Perception Study – 2013 2015 2017 2018 2019 2020 2021 2022 Mackenzie Results 2 Overall Perception Rank 12th 5th 3rd 3rd 3rd 2nd 3rd* 2nd Brand Equity Rank N/A 2nd 2nd 2nd 2nd 2nd 2nd 2nd Overall Quality of Sales 2 2 2 12th 7
Slide 54: Global capabilities; Boutique structure and well-resourced
Global capabilities; Boutique structure and well-resourced Dublin ▪ 150+ investment professionals Beijing Toronto Mackenzie Sales Office globally Winnipeg and CAMC ▪ 17 Investment Teams New Hampshire Calgary PAX London ▪ $186.6 Billion1 Vancouver ▪ Capabilities Menlo Park Shanghai ▪ Fundamental & Qu
Slide 55: World-class investment talent spanning 17 boutiques
World-class investment talent spanning 17 boutiques Two CIOs providing oversight & leadership STEVE LOCKE LESLEY MARKS CIO, Fixed Income & Multi-Asset CIO, Equities Investment Boutiques – Investment Boutiques – Equities Fixed Income & Multi-Asset Todd Mattina Multi-Asset Cundill Richard Wong Europea
Slide 56: Mackenzie's unique multi-boutique structure
Mackenzie’s unique multi-boutique structure Capabilities suited for portfolio construction and solutions selling ETF Traditional Symmetry Portfolios Balanced Monthly Mackenzie Alts Strategies / Northleaf Resources Income Mackenzie Monthly Income Portfolios Portfolios Alternative TOBAM Mackenzie Alts
Slide 57: Investment boutique retail mutual fund performance & net sales
Investment boutique retail mutual fund performance & net sales Fixed Managed 3rd Party Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend Income Solutions & Other North Global Global ChinaAMC, Fixed Multi-Asset Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative Eq
Slide 58: New Multi-Year Distribution Agreement With PFSL (Primerica)
New Multi-Year Product And Services Distribution Agreement With PFSL Investment Canada Ltd. (Primerica) Product Launch Highlights • June 30, 2022 launch of the exclusive Mackenzie FuturePath product suite for Primerica advisors and their clients • Suite consists of 25 unique solutions covering all m
Slide 59: Continue to build-out institutional business with targeted approach
Continue to build-out institutional business with targeted approach Strategic Partnerships Geographies Environmental Unique mandate with proven track record; • Greenchip continuing to build AUM in all markets Thematic Equity poised to grow • Strong quant platform with competitive track records acros
Slide 60: 2021 business momentum for Mackenzie retail; 2022 impacted by environment
2021 was a year of significant business momentum for Mackenzie retail; 2022 impacted by industry operating environment Mackenzie Retail Investment Fund Flows ($B) Last twelve month trailing1 Quarterly Mutual Fund Net Sales Mutual Fund Gross Sales Investment Fund Net Sales Mutual Fund Net Sales 7.0 #
Slide 61: Mackenzie Investments Net Flows
Mackenzie Investments Net Flows Mackenzie Adjusted Investment Fund Flows1 ($MM) Mackenzie Adjusted Investment Fund Net Flows1 (in $MM) Gross Sales Redemptions MF Net Sales ETF Net Flows (Last Twelve Month Trailing, as at January 31, 2023) 1,261 Month of January 994 981 804 Total Retail 652 698 716 6
Slide 62: Mackenzie Q4, 2022 operating results
Mackenzie Q4, 2022 operating results Retail Mutual Fund Gross Sales ($MM) Net Sales ($MM)1 ▪ (2.9%) long-term investment fund 2,229 Q4/21 Q4/22 net sales rate over the twelve Retail mutual Funds 478 (815) months ending December 31, 2022 is Retail ETFs 175 118 in-line with industry outflows 1,352 Ret
Slide 63: Appendix
Appendix 63 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N
Slide 64: 2023 Expense Guidance – Continued Focus on Prudent Expense Management
2023 Expense Guidance – Continued Focus on Prudent Expense Management Guidance and Outlook: Combined Operations & Support and Business Development Expenses IGM Consolidated1 (year-over-year change) 5-year technology & operations 9% 9% transformation announced 7% 6% 5% 3% ~3% 2.2% 2 2.3% 1% 3 2014 20
Slide 65: IGM Financial Q4, 2022 results
IGM Financial Q4, 2022 results Total AUM&A ($B) Net Earnings ($MM) Net Earnings Per Share ($) Daily AUM&A 269 1.11 225 0.94 Annual Average AUM&A Quarterly Average AUM&A 290 280 270 260 250 Q4/21 Q4/22 Q4/21 Q4/22 240 230 Net acquisitions Adjusted Net Adjusted Net Earnings 220 of $30.3B Earnings1 ($M
Slide 66: Q4, 2022 IGM Financial consolidated profitability
Q4, 2022 IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY 1▪ Net investment income & other up IGM Financial Consolidated Q4/21 Q3/22 Q4/22 $ % $ % Days in the period 92 92 92 0.0% 0.0% $11.7MM year-over-year, primarily Average AUM & AUA ($ Billions)
Slide 67: IGM Financial common dividends – annual view
IGM Financial common dividends – annual view ▪ Traditionally IGM has increased dividends at pay-out of 60-65% of earnings ▪1 IGM’s dividend pay-out is high relative to peers ▪ There is currently ~$150 million difference between reported net earnings ▪2 Dividend yield of ~5.4% is attractive1 and cash
Slide 68: IGM Financial common dividends – quarterly view
IGM Financial common dividends – quarterly view ▪ IGM will consider dividend increase closer to 60% pay-out of adjusted cash earnings given other productive uses of capital ▪ Pay-out ratio is currently 73% of last twelve month trailing adjusted cash earnings Percentage of Adjusted Cash Earnings IGM
Slide 69: IG Wealth Management Q4, 2022 highlights
IG Wealth Management Q4, 2022 highlights 1 Ending AUM&A of $110.8B increased 5.5% during Q4 • Driven by client investment returns of 5.4% 2 Q4 gross inflows of $3.0B were the 2nd best fourth quarter on record 3 Solid net flows of $429MM in Q4 2022 marked our 9th consecutive quarter of positive net f
Slide 70: IG Wealth Management key profitability drivers
IG Wealth Management key profitability drivers Daily Average Assets ($B), Advisory Key Revenue & Expenses as bps of Respective and Product & Program Fee Rate (bps)1 Driver (AUA or AUM)1 102.4 101.9 103.1 102.5 102.4 Advisor fee rate including net interest income on 117.4 116.3 client deposits2 101.8
Slide 71: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IG Wealth Management Q4/21 Q3/22 Q4/22 $ % $ % Days in the period 92 92 92 0.0% 0.0% Average assets under advisement ($B) 117.4 108.5 109.6 1.1 1.0% (7.7) (6.6%) Average assets under management ($B) 109.5 9
Slide 72: Mackenzie Investments & Strategic Investments Q4, 2022 highlights
Mackenzie Investments & Strategic Investments Q4, 2022 highlights 1 Ending AUM of $186.6B, up 3.4% from September 30, 2022 2 Investment fund net redemptions of $832MM, in-line with industry outflows 3 Meaningful increase in Morningstar Fund ratings • 4/5 Star ratings increase to 57% from 50% at Q3/2
Slide 73: Asset Management key profitability drivers
Asset Management key profitability drivers Net Asset Management Fee Rates1 Average AUM ($B), Net Asset Management Fees (bps)1 (as bps of respective AUM) 207.1 205.5 Sub-advisory AUM 82.1 82.0 82.3 Third-party 195.5 to Wealth 79.0 80.5 Excluding 187.3 186.3 Management Canada Life Third Party AUM Over
Slide 74: Asset Management segment profitability
Asset Management segment profitability $ Millions (unless otherwise noted): Change QoQ Change YoY Asset Management Q4/21 Q3/22 Q4/22 $ % $ % Days in the period 92 92 92 0.0% 0.0% ▪1 Year-over-year increase in net Average assets under management ($B) Excluding sub-advisory to Wealth Management 126.8
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