IGM expands in ETFs

Article Excerpt

POWER CORP. $27.98 (Toronto symbol POW; Shares o/s: 414.4 million; Market cap: $11.9 billion; TSINetwork Rating: Above Average; Dividend yield: 5.8%; www.powercorporation.com) owns 65.6% of Power Financial. In turn, Power Financial’s holdings include 61.5% of IGM Financial, a leading mutual-fund provider. 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 3,642 affiliated advisors. Mutual fund sales continue to suffer as investors switch to ETFs. However, in the year, IG Wealth’s redemption rate was 9.5%, well below the industry average of 17.1%. As well, IGM now has $3.45 billion in ETF assets under management, up 32.7% from a year earlier. Power Corp. is a buy. buy…

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