IGM Financial Inc. Q2-2021 Earnings, Price Target Update
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IGM Financial Inc. (TSX:IGM) is a wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors throughout North America, Europe and Asia. Operating segments include IG Wealth Management and Mackenzie Investments. They also operate through wealth manager Investment Planning Counsel and have strategic investments in Great‑West Lifeco Inc.(GWO), China Asset Management Co., Ltd., Northleaf Capital Group Ltd., and Wealthsimple Financial Corp. Investors Group Inc., Mackenzie Financial Corporation, and the Investment Planning Counsel Inc. Investors Group contribute 65% of revenues, Mackenzie – 30% and Investment Planning Counsel and other at 5%. As at Jun-30-2021, Power Corporation of Canada (POW-TSX) and Great‑West Lifeco Inc. (GWO-TSX) as subsidiary of Power Corp owned 62.1% and 3.9%, of IGM Financial.
Investors Group, founded in 1926, offers mutual funds, insurance, securities, and mortgage loans. Mackenzie Investments founded in 1967, 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.
Power Corp. with $634B in assets is a diversified international management and holding company owning financial services, sustainable and renewable energy, asset management, communications and other business sectors in North America, Europe and Asia. Power Corp. The largest segment of Power Corp earnings (70%) are from a 66.8% interest in Great-West Life (GWO-TSX). Great-West Life, London Life and Canada Life brands were merged into Canada Life during 2020, with Great-West Life as the publicly listed entity. They were previously owned through Power Financial Corp.(PWF-TSX). Power Financial Corp.(PWF) was merged with Power Corp. in Q1-2020 by way of a share exchange. Power Corp. also owns a 62.1% interest in IGM Financial (IGM-TSX) and 14% interest in GBL.(Groupe Bruxelles Lambert). IGM contributed 20% of earnings in 2020, GBL contributed 5%. (POW) owned 65.5% of Power Financial Corp.(PWF).
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