Key Points
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IGM’s adjusted EPS rose 19% to CAD 1.51 in Q3, supported by higher client assets and strong inflows; reported EPS of CAD 2.10 included a CAD 144 million non-cash gain tied to consolidating Northleaf.
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IG Wealth and Mackenzie generated CAD 2.7 billion in combined net flows. IG Wealth attracted record new-client inflows, largely from affluent households, while Mackenzie reported CAD 2 billion in quarterly net sales and cited a pipeline of unfunded institutional mandates.
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IGM returned CAD 343 million to shareholders and had CAD 830 million in unallocated capital at quarter-end. It expects CAD 15 million in 2026 simplification savings, which it plans to reinvest in capabilities including AI.
IGM Financial (TSE:IGM) reported a 19% increase in adjusted earnings per share for the third quarter of 2026, as growth in client assets and inflows at its wealth and asset management businesses supported results.
Adjusted earnings per share rose to CAD 1.51, while adjusted net earnings available to common shareholders increased 17% to CAD 351 million. Reported earnings per share were CAD 2.10, including the effect of a CAD 144 million non-cash gain related to IGM’s move to consolidate Northleaf’s financial results.
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President and CEO Damon Murchison said assets under management and advisement increased 15% from a year earlier. IG Wealth Management and Mackenzie Investments generated a combined CAD 2.7 billion in net flows during the quarter.
IG Wealth attracts affluent clients
IG Wealth ended September with record quarter-end client assets of CAD 178 billion, up 14% year over year, and recorded CAD 666 million in net flows. Gross inflows rose approximately 18% to CAD 4.5 billion.
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New client gross inflows reached a third-quarter record of CAD 1.4 billion, with 80% coming from mass affluent and high-net-worth Canadians, Murchison said. Gross inflows per advisor practice increased 23% from a year earlier.
IG’s earnings rose 27.4% to CAD 197.9 million as revenue increased 15%, according to Chief Financial Officer Keith Potter. He said expenses declined year over year, primarily because of simplification savings and the timing of expenses.
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Asked whether a greater share of high-net-worth clients could support margins, Potter said those clients typically pay a lower advisory fee rate. He expects the rate to continue declining as IG adds such clients, although at a slower pace than in the past.