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Highlights

  • IGM's wealth management revenue for FY24 rose by 10.7% YoY, reaching CAD 2,436.1 million
  • Net asset management revenue increased by 6.1% YoY, totalling CAD 673.5 million in FY24
  • Earnings before income taxes grew by 5.7% YoY in FY24, reaching CAD 1,209.6 million, driven by higher revenue
  • The company experienced an 18.7% YoY decline in net earnings in FY24, primarily due to higher income tax expenses

IGM Financial Inc. (TSX:IGM) is an asset management firm in Canada that operates independently of any banking institution. It is a member of the Power Financial group, which also includes Great-West Life, London Life, Canada Life, and Putnam Investments.

In the financial year 2024 (FY24), IGM’s wealth management revenue grew by 10.7% YoY, reaching CAD 2,436.1 million, driven by higher financial advisory fees, as well as increased investment management and related administration fees. Similarly, net asset management revenue rose by 6.1% YoY to CAD 673.5 million, reflecting higher asset management revenue, though partly offset by increased dealer compensation expenses. Earnings before income taxes in FY24 also saw a 5.7% YoY increase, standing at CAD 1,209.6 million, primarily due to the growth in revenue.

However, the company experienced a decline in net earnings, which dropped by 18.7% YoY to CAD 937.5 million. This decrease was primarily attributed to higher income tax expenses.

Recent Business Update

On Feb 18, 2025, IG Wealth Management announced the expansion of its Azure Managed Investments offering by introducing six new mandates. These additions will offer IG clients enhanced exposure to both Canadian and international markets. To support this expansion, IG is also welcoming four new asset managers to its team, including Capital Group, Franklin Templeton Investments, Guardian Capital, and Manulife Investment Management.

Company Outlook

The company is focusing on the high-net-worth (HNW) segment by streamlining its capabilities to align with industry wealth drivers. Through a segmented advice model, it aims to become a pioneer in addressing the unique financial planning needs and complexities of Canadians. Additionally, by leveraging innovative solutions, IG Wealth Management is enhancing the client experience and improving operational efficiencies.

Top 10 Shareholders

The top 10 shareholders of IGM collectively hold approximately 70.56% of the company’s total shares. Power Financial Corp and BlackRock Institutional Trust Company, N.A. are the largest stakeholders, owning 66.19% and around 1.34%, respectively.

Stock Information

Over the past week, the stock price of IGM has declined by approximately 1.73%, although it saw a mild increase of about 0.56% over the last month. Additionally, the company is currently trading above the average of its 52-week high of CAD 47.96 and 52-week low of CAD 32.95.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 07 March 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.