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Winnipeg – November 4, 2008: IGM Financial Inc. (IGM) (TSX: IGM) today reported preliminary total assets under management of $107.0 billion and mutual fund assets under management of $89.1 billion as at October 31, 2008. Total mutual fund net new money in October was ($456.4) million.
| Assets under Management (billions) (unaudited) |
October
2008 |
October
2007 |
% Change YOY |
| Mutual Funds |
| Investors Group |
$50.26 |
$61.79 |
(18.7) |
| Mackenzie Financial |
$37.10 |
$47.61 |
(22.1) |
| Counsel Group of Funds |
$1.781 |
$2.291 |
(22.3) |
| Mutual Fund Assets under Management |
$89.14 |
$111.69 |
(20.2) |
| Private, institutional, sub-advised and other - Mackenzie |
$17.882 |
$13.642 |
31.1 |
| Total Assets under Management |
$107.02 |
$125.33 |
(14.6) |
Mutual Fund Net New Money*
October 2008
(millions) (unaudited) |
Investors Group |
Mackenzie |
Counsel Group of Funds |
IGM Financial |
| All Mutual Funds |
| Gross Sales |
$463.1 |
$608.5 |
$14.5 |
$1,086.1 |
| Net New Money* |
$39.8 |
($482.4) |
($13.8)3 |
($456.4)3 |
| Long Term Mutual Funds |
| Gross Sales |
$339.1 |
$479.0 |
$12.0 |
$830.1 |
| Net New Money* |
$18.5 |
($292.3) |
($11.7)3 |
($285.5)3 |
* Mutual Fund Net New Money is defined as Gross Sales less Gross Redemptions and is consistent with the terminology used by The Investment Funds Institute of Canada (IFIC).
1 includes $422 million (October 2007 - $548 million) in Counsel Group of Funds mutual fund assets invested in other managers’ mutual funds.
2 excludes assets managed by Mackenzie on behalf of Investors Group.
3 includes $ 24.6 million in net new money of Counsel Group of Funds mutual funds invested in other managers’ mutual funds
For more information on mutual fund activity, please refer to press releases issued by Investors Group Inc., Mackenzie Investments and Investment Planning Counsel Inc.
Additional information about mutual fund assets and fund flows will be available on the Investment Funds Institute of Canada (IFIC) web site (www.ific.ca) on approximately the 15th of each month as part of a Canadian industry-wide release of monthly statistics.
IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products, with $107 billion in total assets under management. Its activities are carried out principally through Investors Group, Mackenzie Financial Corporation and Investment Planning Counsel. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.
| For more information contact:
Ron Arnst
Media Relations
(204) 956-3364
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