While assets under management have dropped, recent stock market volatility and higher interest rates will probably prompt more individuals to turn to IGM’s professional advisors.
The stock trades at just 9.2 times the company’s 2022 earnings forecast.
IGM FINANCIAL INC. (Toronto symbol IGM; www.igmfinancial.com) is Canada’s largest independent mutual-fund provider. It also offers ETFs and wealth management services.
Power Corp. owns 61.9% of the company.
IGM has two main businesses: Mackenzie Financial sells funds and ETFs through independent brokers; and IG Wealth Management (formerly Investors Group) offers mutual funds and other services, such as portfolio management, through its more than 3,000 affiliated advisors.
IGM’s fee income rises and falls with the value of the mutual funds and other securities it manages.
Due to the recent stock market downturn, IGM’s assets under management (and advisement) fell 7.6%, to $242.1 billion as of June 30, 2022, from $262.0 billion a year earlier.
Value Stocks: Writedown could still unlock value despite volatility
IGM also owns 23% of robo-advisor Wealthsimple. Generally, robo-advisors provide portfolios composed of ETFs tailored to different investor goals.
Partly due to the recent stock market volatility, IGM has reduced the carrying value of its Wealthsimple holding by 19.8%, from $1.15 billion at the end of 2021 to $925 million as of March 31, 2022.
Even so, IGM will continue to benefit from this investment, particularly as Wealthsimple helps it attract younger clients. The company could also unlock more value by selling shares in Wealthsimple to the public.
The company also reported a net outflow of new money (net of redemptions) of $389.1 million in June 2022. Redemptions of Mackenzie mutual funds offset net inflows at the IG Wealth Managements and Investment Planning Counsel divisions. In June 2021, overall net inflows totaled $694 million.
IGM is down 22% since the start of 2022. Even so, the recent stock market volatility and higher interest rates will probably prompt more individuals to turn to IGM’s professional advisors. The stock still trades at a moderate 9.2 times the $3.85 a share that IGM should earn this year. The $2.25 annual dividend rate offers investors a high 6.3% yield.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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