Q2 2024 IGM Financial Inc Earnings Call Transcript
Key Points
- IGM Financial Inc (IGIFF) reported a 4.5% year-over-year increase in adjusted EPS, reaching $0.93 for the quarter.
- Assets under management and advisement (AUM&A) grew by nearly 15% year-over-year, marking a record high for the company.
- IG Wealth Management achieved its best second quarter on record for gross inflows, with $3.6 billion.
- Mackenzie Investments saw a 38% increase in gross sales, indicating a rebound in asset management performance.
- Wealthsimple's assets under administration grew by 87% year-over-year, reaching over $43 billion, highlighting strong client acquisition and retention.
- The Canadian mutual fund industry remained in net redemptions during Q2, affecting overall market conditions.
- IG Wealth Management experienced net outflows of $173 million during the quarter despite strong gross inflows.
- Mackenzie Investments faced net redemptions of $745 million, reflecting ongoing challenges in the asset management sector.
- Advisory fee rates at IG Wealth Management are expected to decrease by approximately 0.5 basis points per quarter due to shifts in client wealth bands.
- The company anticipates continued industry net redemptions into the second half of the year, with gradual improvement expected by 2025.
Welcome to the IGM Financial second-quarter 2024 analyst call and webcast. As a reminder, all participants are in a listen-only mode and the conference is being recorded (Operator Instructions)
I would now like to turn the conference over to Kyle Martens, Treasurer and Head of Investor Relations. Please go ahead.
Thank you, Betsy, and good morning, everyone. Welcome to our second-quarter 2024 earnings call. Joining me today on the call we have James O'Sullivan, President and CEO of IGM Financial; Damon Murchison, President and CEO of IG Wealth Management; Luke Gould, President and CEO of Mackenzie Investments; and Keith Potter, Executive Vice President and CFO of IGM Financial.
Before we get started I would like to draw your attention to our cautions concerning forward-looking statements on slide 3 of the presentation, slides 4 and five summarize non-IFRS financial measures and other financial measures used in the materials. And on slide 6, we provide a list of
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