IGM Financial delivers record earnings

IGM Financial Inc. announced Q2 earnings of $252.7 million on Wednesday, a company record for the second quarter. The result represents a 14.7% increase over the first quarter of 2024.

Second quarter adjusted earnings per share came in at $1.07.

“Our all-time high second quarter adjusted earnings per share of $1.07 reflects strong results across both our core operating companies, IG Wealth Management and Mackenzie Investments, as well as our strategic investments,” said James O’Sullivan, president and CEO of IGM Financial Inc. in a release.

Q2 net earnings were $246.7 million, up 14.1%. Earnings per share hit $1.04. And assets under management and advisement reached $283.9 billion — all record figures.

IGM Financial achieved net inflows of $90 million during the quarter. A year ago, it experienced net outflows of $1.1 billion.

It sold 75% of its equity stake in Conquest Planning technology for $24.8 million during the quarter. “Conquest is a core solutions provider at IG Wealth Management,” said Damon Murchison, president & CEO of IG Wealth Management in a release. “We remain one of Conquest’s largest and most active customers.”

The firm also announced that its investment in Wealthsimple Financial Corp. was valued at $1.5 billion at the end of the quarter.

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