IGM FINANCIAL Scotiabank Financials Summit. September 3, 2014
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1 IGM FINANCIAL Scotiabank Financials Summit September 3, 2014
2 Caution Concerning Forward Looking Statements Certain statements in this report other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial s current expectations. Forward-looking statements are provided to assist the reader in understanding the Company s financial position and results of operations as at and for the periods ended on certain dates and to present information about management s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Company, as well as the outlook for North American and international economies, for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, plans, believes, estimates, seeks, intends, targets, projects, forecasts or negative versions thereof and other similar expressions, or future or conditional verbs such as may, will, should, would and could. This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forwardlooking statements, including the perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. While the Company considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of material factors, many of which are beyond the Company s, and its subsidiaries control, affect the operations, performance and results of the Company, and its subsidiaries, and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, operational and reputational risks, business competition, technological change, changes in government regulations and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, the Company's ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Company s and its subsidiaries success in anticipating and managing the foregoing factors. The reader is cautioned that the foregoing list is not exhaustive of the factors that may affect any of the Company s forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not place undue reliance on forward-looking statements. Other than as specifically required by applicable Canadian law, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Additional information about the risks and uncertainties of the Company s business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials filed with the securities regulatory authorities in Canada, available at 2
3 Non-IFRS Financial Measures Net earnings available to common shareholders, which is an additional measure in accordance with IFRS, may be subdivided into two components consisting of: Operating earnings available to common shareholders; and Other items, which include the after-tax impact of any item that management considers to be of a non-recurring nature or that could make the period-over-period comparison of results from operations less meaningful. This report may also contain non-ifrs financial measures. Non-IFRS financial measures are used to provide management and investors with additional measures of performance. However, we caution that non-ifrs financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Specific instances of such measures that may be referred to within this document include Operating Earnings, Operating Earnings per Share and Earnings before Interest and Taxes (EBIT). We refer you to the appropriate reconciliation in the Management s Discussion and Analysis of these non-ifrs financial measures to measures prescribed by IFRS. 3
4 IGM Financial Public Disclosures Please refer to the following documents relating to IGM Financial for a more comprehensive summary of the corporation s business and results: Interim reports for the quarters ended March 31, 2014 and June 30, Annual Report 2013 Annual Information Form Press releases subsequent to June 30, 2014 These documents are available on the Company s website at and/or at 4
5 1. Overview 2. Investors Group 3. Mackenzie Investments 4. Summary 5
6 IGM Financial Overview IGM Financial manufactures and distributes financial products and services through its three subsidiaries, with an emphasis on financial advisors. Comprehensive personal planning delivered through longterm client and Consultant relationships Approx. 4,900 Consultants $72.9 billion mutual fund AUM Investment management and related services offered through diversified investment solutions > 30,000 third party advisors $49.1 billion mutual fund AUM $71.1 billion total AUM Integrated personal financial services company > 900 financial advisors > $22 billion assets under administration $3.7 billion mutual fund AUM AUM refers to assets under management As at July 31,
7 IGM Financial Assets Under Management During 2014, IGM Financial s mutual fund assets under management have increased to $125.8 billion, reflecting a 6.9% increase year to date and a record month-end high. IGM Financial Assets Under Management ($ Billions) Total Mutual Funds $142.1 billion at July 31, 2014 $125.8 billion at July 31, Chart reflects actuals to July 31,
8 IGM Financial Distribution IGM Financial enjoys broad and diversified distribution capabilities with an emphasis on financial advisors across Canada. 8
9 Value of Advice CIRANO Research CIRANO research provides quantitative evidence of significant advantages for advised households. No advice 4-6 years of advice 7-14 years of advice 15+ years of advice 1.58X 1.99X 2.73X Difference in household financial assets attributable to financial advice Source: An econometric analysis of the value of advice in Canada, by Claude Montmarquette, CIRANO,
10 Percent Real Return of a GIC After adjusting for inflation, recent history of 1-year GIC rates has not been very attractive for Canadians with many periods of negative real returns. 1 Year GIC Rate Less Inflation Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Source: Bloomberg 10
11 Canadian Household Wealth Significant opportunity for long term investments with over $1.2 trillion or 40% of Canadian household wealth on the side-lines in GICs and deposits. Financial wealth concentrated in high net worth and retiree market with complex financial planning needs. $9.8T Equity in privatebusinesses Non-discretionary fin. assets $3.1T $3.1T $3.1T Real estate Financial wealth (incl. nondiscretionary) Residential mortgages Savings deposits GICs/GIAs Stocks & bonds Discretionary management Wraps Mutual Funds and Segregated Funds Over $1.2T <45 $5M+ $2-5M $1-2M $500K-1M $ K $0-100K Other household credit -$1.7T Total Canadian wealth Financial wealth by product Financial wealth by age Financial wealth by household wealth level Source: Investor Economics. As at December 31,
12 1. Overview 2. Investors Group 3. Mackenzie Investments 4. Summary 12
13 Investors Group Consultant Network Investors Group Consultants have been providing comprehensive financial plans for clients for over 85 years, through an exclusive network of approximately 4,900 Consultants. The Consultant Network grew by 140 during Q2, Number of Investors Group Consultants As at December 31 (unless otherwise indicated) ,871 4,633 4,686 4,673 4,731 4,608 4,479 4,518 4,465 4,550 4,599 4,331 3,668 3, Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 13
14 Investors Group Consultant Initiatives During October, 2013 Investors Group launched a group of initiatives aimed at enhancing its current and future success in Consultant Network development. Stronger offer for new Consultants Division and Regional Directors income alignment October 2013 Announced Enhancements More Associates and Teams More effective Consultant succession planning Enhanced Financial Planning Focus Client service survey 14
15 Investors Group Client Experience The median Investors Group client return was approximately 12.2% during 2013 and 5.1% year to date Investors Group Client Account Rate of Return Experience (%) Median Returns % of clients had returns within this range Annual 2014 YTD 15
16 Investors Group LTM Mutual Fund Sales Investors Group has experienced continuing sales momentum, with gross sales improving during the last twelve months and the redemption rate declining. Mutual Fund Gross Sales and Redemptions (Last Twelve Month Trailing - $ Billions) Redemption Rate 13% 12% Gross Sales Redemptions % Redemption rate on long-term funds % 5.5 9% % Most recent data point reflects the twelve months ending June
17 Comprehensive Financial Planning Investors Group continues to experience strong growth in its distribution of insurance and mortgage products. New Annualized Insurance Premiums Six months ended June 30 ($ Millions) Mortgage Originations Six months ended June 30 ($ Millions) Group Insurance 1,182 1,170 1, Individual Insurance
18 Investors Group Investment Management There have been a number of changes and enhancements to Investors Group s investment management capabilities. Jeff Singer was appointed Executive Vice-President & Chief Investment Officer October, 2013 Dom Grestoni retired on June 30, 2014 Winnipeg Toronto Montreal Dublin Nick Scott hired as Head of Asian Equities and will be leading Investors Group s Hong Kong investment team July, 2014 Martin Downie assumed portfolio manager responsibility for Investors Dividend Fund Les Grober hired as Head of Asset Allocation and will oversee all asset allocation strategies at Investors Group August, 2014 Seamus Kelly joined the Dublin portfolio management team during September, 2014 Hong Kong 18
19 1. Overview 2. Investors Group 3. Mackenzie Investments 4. Summary 19
20 Mackenzie s Strategic Priorities Mackenzie s Vision and Strategy Mackenzie has affirmed its vision and established a number of strategic priorities to drive future business success. EFFECTIVE RESOURCE UTILIZATION 20
21 Mackenzie Leadership Team Changes Mackenzie has implemented a number of senior management personnel changes to achieve its strategic priorities. Distribution Product Marketing Investment Management Brian Gooding Appointed Executive Vice-President Head of Distribution Strategic Alliances and Mackenzie Institutional under one leader Chris Boyle Appointed Senior Vice-President Institutional Damon Murchison Appointed Senior Vice-President Retail Sales Michael Schnitman Appointed Senior Vice-President Product Su McVey Appointed Senior Vice-President Marketing Product and marketing functions separated into two distinct teams with new leadership Tony Elavia Executive Vice-President Chief Investment Officer Investment management team and process enhancements Alain Bergeron Appointed Asset Allocation Team Lead Darren McKiernan Appointed Global Equity & Income Team Lead Konstantin Boehmer Appointed Portfolio Manager, Fixed Income 21
22 Mackenzie Investment Management Teams Mackenzie s assets under management are diversified across 10 investment teams with different asset classes, management styles and mandates. Investment Team Asset Class Management Style # of Mutual Funds Managed 1 All Cap Value Equity All cap value 11 Asian Fixed Income Fixed Income Asian credit 2 Asset Allocation N/A Managed assets 23 2 Cundill Equity Deep value 15 Fixed Income Fixed Income Canadian and global fixed income 21 3 Global Equity & Income Equity Global equity and income 11 Growth Equity Growth 14 Ivy Equity Quality growth 13 Large Cap GARP Equity Large cap GARP 2 Resource Equity Natural resources & precious metals 4 1. As at June 30, 2014 and excludes Quadrus funds. 2. Mackenzie Asset Allocation Team is responsible for the oversight of Mackenzie s balanced funds, managed asset programs, diversified fund-of-fund strategies and concentrated funds of best ideas. 3. Includes funds where the Mackenzie Fixed Income Team manages the fixed income portion of balanced funds. 22
23 Mackenzie Investment Performance Mackenzie continues to deliver solid investment performance, 81% of mutual funds managed by Mackenzie reside in funds with a 3, 4 or 5 star Morningstar rating. Morningstar Ratings Proportion of Morningstar-Rated Funds (As at June 30, 2014) 1 55% 19% 35% 37% 28% 26% Mackenzie All Morningstar-Rated 1 & 2 Stars 3 Stars 4 & 5 Stars Source: Morningstar 1. Excludes Quadrus funds. 23
24 Mackenzie Product Innovation Mackenzie Investments is dedicated to creativity and innovation in our products and services. SERIES D New mutual fund series sold exclusively through the discount brokerage channel 24
25 Mackenzie Assets Under Management Mackenzie has approximately $71.1 billion in assets under management. Mackenzie is focused on providing investment management and service excellence to a diverse range of distribution channels and end clients. Mackenzie Assets Under Management ($ Billions) Institutional Mutual Funds 2 Dec, 2008 Dec, 2009 Dec, 2010 Dec, 2011 Dec, 2012 Dec, 2013 Jul, % 36% 36% 36% 34% 30% 31% Institutional % of AUM 1. Includes sub-advisory, separately managed and other institutional accounts. 2. Includes mutual funds, asset allocation programs and funds of funds. 25
26 Mackenzie Mutual Fund Gross Sales Mackenzie s investment style and expertise diversity ensures the company s product shelf remains relevant through every stage of the market cycle and through changes in investor preferences. Gross Sales Mix of Long Term Mutual Funds by Asset Class Twelve months ended December 31 (unless otherwise indicated) 1 15% 10% 9% 11% 5% Sector / other 31% 39% 38% Equity 44% 39% 37% 54% 16% 26% 29% 29% 33% 37% Balanced 21% 10% 30% 26% 23% 36% 26% 24% Income Oriented YTD Prior periods have been adjusted to remove the impact of significant rebalancing activity. 2. Year to date June 30,
27 Mackenzie LTM Mutual Fund Sales Mackenzie has experienced continuing strong sales momentum, with net sales of $245 million in the last twelve months, a significant improvement relative to last year. Mutual Fund Gross Sales and Redemptions (Last Twelve Month Trailing - $ Billions) 1,2 1,2 Mutual Fund Net Sales (Last Twelve Month Trailing - $ Billions) M (1.0) Gross Sales Redemptions (2.0) Redemption rate on long-term funds 2014 (3.0) Q4, 2013 mutual fund flows include $405 million of gross sales, $247 million of redemptions and $158 million of net sales related to institutional rebalancing during the period. 2. Q4, 2012 mutual fund flows include $556 million of gross sales, $620 million of redemptions and $64 million of net redemptions related to institutional rebalancing during the period. 27
28 1. Overview 2. Investors Group 3. Mackenzie Investments 4. Summary 28
29 IGM Financial Summary Market Capitalization Listed on TSX as ticker IGM with a market capitalization of $13.2 billion Largest publicly traded asset manager in Canada and sixth largest global asset manager as measured by market capitalization Dividend Yield Dividend yield of 4.1% 2 nd highest dividend yield of all Canadian financial services firms Ownership Part of the Power Financial group of companies, which includes Great West Life, London Life, Canada Life, Irish Life and Putnam Investments As at August 26,
30 IGM Financial Operating Earnings IGM Financial has a track record of solid financial performance. IGM Financial Operating Earnings Last Twelve Months Trailing ($ millions) IGM Financial Operating Earnings Per Share Last Twelve Months Trailing ($) Jun 30, 2013 Sep 30, 2013 Dec 31, 2013 Mar 31, 2014 Jun 30, 2014 Jun 30, 2013 Sep 30, 2013 Dec 31, 2013 Mar 31, 2014 Jun 30,
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