Q4 2024 IGM Financial Inc Earnings Call Transcript
Key Points
- IGM Financial Inc (IGIFF) achieved an adjusted EPS of $3.95, up 12% from 2023, marking the second highest year on record.
- The company returned over $650 million of capital to shareholders through dividends and share repurchase programs.
- Client assets grew by 24%, reaching over $480 billion, driven by core businesses IG Wealth and Mackenzie.
- IGM Financial Inc (IGIFF) was recognized as a top sustainable company and one of Canada's top employers.
- Strong performance in financial markets led to a 15.5% average client return, showcasing the diversified asset mix.
- Potential market volatility due to geopolitical tensions, such as tariffs on Canada and Mexico, could impact financial performance.
- Mackenzie Investments experienced net redemptions of $377 million, although this was an improvement from the previous year.
- The asset management business at Rockefeller has grown slower than initially expected.
- ChinaAMC's earnings are expected to remain flat in 2025 due to competitive fee rate changes.
- There is ongoing pressure on advisory fee rates due to a mix shift towards high net worth and mass affluent clients.
Good day and welcome, to the IGM Financial Inc Fourth quarter, 2024 results conference call and webcast. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Carl Martin, Treasurer and Head of Investor Relations. Please go ahead.
Thank you, Betsy, and good morning everyone and thank you for joining us for our third quarter earnings call. Joining me on the call today 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 McKinsey Investments and Keith Potter, Executive Vice President and CFO of IG 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 5 summarize the non IFRS financial measures and other financial measures used in this material. And on slide 6, we provide a list of documents that are available
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