IGM Financial Inc. Q1-2018 Earnings & Price Target
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IGM Financial Inc. (TSX:IGM) is one of Canada's largest financial services companies operating in three segments, Investors Group Inc., Mackenzie Financial Corporation, and the Investment Planning Counsel Inc. Investors Group contribute 65% of revenues, Mackenzie – 30% and Investment Planning Counsel at 5%.
Investors Group, founded in 1926, with over 4,100 representatives has $88B in mutual funds under management. In addition to an exclusive selection of mutual funds, they offer insurance, securities, and mortgage products. Mackenzie Investments founded in 1967, with $64.6B in assets, is an investment management firm providing mutual funds and ETF products. Investment Planning Counsel, founded in 1996, is an independent distributor of financial products, services and advice in Canada. Investment Planning Counsel is a financial planning organization in Canada, with 790 financial advisors and $27.6B in client assets under administration, which includes $5.4B in assets under management.
Power Corp. with $445B in assets is a diversified international management and holding company that holds interests in companies that are active in the financial services, sustainable and renewable energy, asset management, communications and other business sectors in North America, Europe and Asia. Power Corp. (POW) owns 65.5% of Power Financial Corp.(PWF). Power Financial in turn owns 67.7% of Great-West Life(GWO) and 61.5% of IGM Financial Inc. (IGM). IGM Financial owns 100% of Investors Group Inc. and Mackenzie Financial Corp. and 96.9% of Investment Planning Counsel. The investments in Wealthsimple and Portag3 are held jointly with Great-West Life. IGM contributes about 20% of Power Corps. annual earnings.
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