The following is a summary of the IGM Financial Inc. (IGIFF) Q2 2024 Earnings Call Transcript:
Financial Performance:
Adjusted EPS increased to $0.93, up 4.5% year-over-year, supported by growth in assets under management and administration (AUM&A), which saw a near 15% increase from the previous year.
IGM's ending AUM&A reached a record high, supported by strong organic growth and strategic investments.
Business Progress:
IG Wealth reported an assets under administration (AUA) of $130 billion, marking an 11% year-over-year increase.China AMC continues to grow, leveraging its competitive position to expand AUM across various product categories.
Wealthsimple and Rockefeller Capital Management demonstrated significant client acquisition and asset growth.
Mackenzie Investments experienced a rebound in gross sales and maintained strong asset management results, with plans to launch new investment products.
Opportunities:
Continued investment in new partnerships and technology to enhance tax planning and assessment services for high net worth clients, improving advisor productivity and client service.
Expansion in health care assessments through partnerships, allowing high net worth clients access to additional services.
Risks:
The Canadian mutual fund industry's continued net redemptions pose a challenge, although improvements are anticipated gradually towards 2025.
More details: IGM FINANCIAL INC IR
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