IGM Financial Inc. · TSX:IGM

IGM Financial — Investor Presentation (September 2023)

90 slides from IGM Financial's investor presentation, September 2023

  1. Slide 1: IGM Financial Investor Presentation

    September 2023 IGM FINANCIAL Investor Presentation

  2. Slide 2: Caution concerning forward-looking statements

    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 und

  3. Slide 3: Non-IFRS financial measures & other financial measures

    Non-IFRS financial measures & other financial measures This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by IFRS and may not be directly comparable to similar measures used by other companies. These measures and ratios are used to prov

  4. Slide 4: Non-IFRS financial measures (continued)

    Non-IFRS financial measures & other financial measures (continued) Other items Other items for the six month period ending June 30, 2023 consisted of: • Restructuring and other charges of $76.2 million after-tax ($103.3 million pre-tax), recorded in the second quarter, related to further streamlinin

  5. Slide 5: Glossary

    Glossary AUM&A: Assets Under Management & Advisement AUA: Assets Under Advisement AUM: Assets Under Management CAGR: Compound Annual Growth Rate DSC: Deferred Sales Charge EPS: Earnings per Share ESG: Environmental, Social and Governance ETF: Exchange Traded Fund FMV: Fair market value FSB: Full-Ser

  6. Slide 6: IGM Financial

    IGM Financial 6 | IGM FINANCIAL INVESTOR PRESENTATION

  7. Slide 7: IGM Financial: A diversified wealth and asset management company

    IGM Financial: A diversified wealth and asset management company with leading brands in Canada • 2022 Adjusted EPS1 of $3.63, our 2nd best adjusted EPS1 in history Demonstrating Strong Earnings • Positioning business for further earnings growth as current period of heightened market volatility subsi

  8. Slide 8: IGM at a glance

    IGM at a glance Assets Under Management & 2022 Adjusted EPS by Segment2 Valuation by Segment $261.1B Advisement Peer IGM $3.63 Average6 Mutual Fund AUM Market Share1 Top 4 IN CANADA Strategic Investments & Other 23.7% ~$4.7B Clients ~2 Million estimated FMV4,5 & other investments Employees3 4,000+ A

  9. Slide 9: Multi-channel distribution

    Multi-channel distribution Complemented by strategic investments that diversify earnings and expand capabilities Wealth Management: $148B AUA Asset Management: $193B AUM Discontinued Operations2 Comprehensive personal financial planning Integrated personal Diversified asset management solutions deli

  10. Slide 10: Strength and scale as part of Power Corporation Group of Companies

    Strength and scale as part of Power Corporation Group of Companies1 Power Corporation IGM Great-West Lifeco Financial Investment Planning Putnam Investments Great-West Financial Canada Life Mackenzie IG Wealth Management Counsel2 (discontinued operations) 2.4% 24% fully diluted 27.8% 56% economic 20

  11. Slide 11: IGM is focused on bettering lives for tomorrow

    IGM is focused on bettering lives for tomorrow IGM’s sustainability strategy Our sustainability strategy keeps us focused on what matters most to our business and our stakeholders, and seeks to accelerate positive change in areas where we – as wealth and asset managers – can make the greatest impact

  12. Slide 12: ESG highlights and release of 2022 IGM Sustainability Report

    ESG highlights and release of 2022 IGM Sustainability Report Building Advancing Accelerating financial well-being sustainable investing diversity, equity & inclusion • 20,000+ attended IG webinars on a wide • $4.8B AUM in sustainable solutions, up from • Recognized as one of Canada’s Best Diversity

  13. Slide 13: IGM Financial 2022 highlights

    IGM Financial 2022 highlights 2022 EPS of $3.63, • Resilient business model and strong expense management contributed to financial results 2nd best annual adjusted EPS on record Ending AUM&A of $249.4B; • Driven by client investment returns of (9.9%) down 10% versus prior year record high results •

  14. Slide 14: Annual net flows from wealth and asset management

    Annual net flows from wealth and asset management IGM Financial Consolidated Annual Net Flows1 ($MM) IGM Financial Segmented Annual Net Flows ($MM) 8,701 Asset Wealth Management Management 7,099 IG Wealth IPC2 Mackenzie Management (discontinued operations) 5,134 3,695 3,684 1,442 2,690 1,157 638 107

  15. Slide 15: IGM Q2, 2023 highlights

    IGM Q2, 2023 highlights • Reported EPS includes restructuring and other charges, a decrease in the gain on the Reported EPS of 58 cents; adjusted EPS of 86 cents1 sale of a portion of IGM’s investment in Lifeco and a Lifeco IFRS 17 adjustment representing a change of estimate Ending AUM&A of $261.1B

  16. Slide 16: Financial market and client investment returns

    IGM Q2/23 Financial market and client investment returns IGM Client Return Index1 2.6 Investment Performance 2.4 Q3/23 at 2023 YTD at 2022 Q1/23 Q2/23 Jul 31/23 Jul 31/23 2 2.2 IGM Client Investment Returns (9.9%) 4.4% 1.2% 1.2% 6.9% Equity Markets: Canada (S&P / TSX Composite) (5.8%) 4.6% 1.1% 2.6%

  17. Slide 17: Industry operating environment and net flows rates

    IGM Q2/23 Industry operating environment and IG and Mackenzie net flows rates Net Flows Rate as at June 30, 2023 Second Quarter Industry Long-term Net Sales ($B) (Last Twelve Month Trailing, % of Average Assets) 3,4 4 Total Industry Industry Asset Manager Peers Mackenzie total investment funds Macke

  18. Slide 18: Second quarter net flows

    IGM Q2/23 Second quarter net flows ($MM) Wealth Wealth Management - Management Asset Management1 Discontinued Operations2 IGM Consolidated Strategic Investments 3 Q2/23 Q2/22 1,100 748 389 11 (88) (343) (424) (527) (821) (952) Q2/22 Q2/23 18 1. 2. Excludes sub-advisory to Wealth Management segment a

  19. Slide 19: Second quarter ending AUM&A

    IGM Q2/23 Second quarter ending AUM&A (CAD $B) Consolidated AUM&A inc. Wealth Asset Wealth Management - IGM strategic Management Management1 Discontinued Operations2 Consolidated Strategic Investments investments IGM Proportionate Share3 +32%4 Q2/22 Q2/23 403 Q2/23 -2% Q2/22 335 329 305 +8% 261 242

  20. Slide 20: IGM Financial adjusted EBIT & margins

    IGM Q2/23 IGM Financial adjusted EBIT & margins Excludes discontinued operations IGM Adjusted EBIT1 ($MM) IGM Adjusted EBIT Margin1,2 (% of AUM&A) Direct advisor/dealer compensation3 & sub- advisory expenses 744.7 748.1 767.6 754.9 762.7 Share of associates’ 1.24% 1.26% 1.25% 1.23% 1.25% earnings an

  21. Slide 21: Adjusted net earnings by segment and company

    IGM Q2/23 Adjusted net earnings available to common shareholders1 by segment and company ($MM) Wealth Asset Wealth Management - Management Management Strategic Investments & Other2 Discontinued Operations3 IGM Consolidated4 Recorded based on analyst estimates for Q2/23 earnings with an adjustment -1

  22. Slide 22: Adjusted net earnings and valuation by segment and company

    Adjusted Net Earnings Available to Common Shareholders and valuation by segment and company ($MM) Adjusted Net Earnings Available to Common Shareholders1 867 855 Wealth Asset Wealth Management IPC IPC Management Management Strategic Investments & Other - Discontinued Ops 2022 437 442 Analyst Other a

  23. Slide 23: Prudent expense management positioning for earnings growth

    During 2022, IGM continued along a path of prudent expense management, positioning business for further earnings growth Position business for further earnings growth as current period of IGM Assets Under Management & Continued focus on prudent heightened market volatility subsides Advisement ($B)4 e

  24. Slide 24: IGM Financial Streamlines Organization to Unlock Savings and Drive Growth

    IGM Financial Streamlines Organization to Unlock Savings and Drive Growth Reinvest in our future to Extension of ongoing Further streamlining of enhance client focus to optimize operations to experience and operations structurally reduce costs accelerate growth • Further align our structure to advan

  25. Slide 25: Capital allocation priorities

    Capital allocation priorities • Drive innovation and new product development REINVEST IN THE • Execute initiatives to improve efficiency and profitability BUSINESS • Operational excellence across the organization MAINTAIN • Maintain strong liquidity STRONG • Value “A” credit rating CREDIT PROFILE •

  26. Slide 26: IGM investment highlights

    IGM investment highlights • Diversified financial services provider, focused on financial planning and investment management services • IGM is one of the top 4 mutual fund managers in Canada1, with assets under management of $226.3B at June 30, 2023 A leading Canadian financial • Strong operating co

  27. Slide 27: Wealth Management

    Wealth Management 27 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N

  28. Slide 28: Key messages – IG Wealth Management

    Key messages – IG Wealth Management Competitive advantage Our advantage is further Actions taken have with strong enabled by hiring top A leading wealth enhanced the client New client-centric entrepreneurial Advisor quality advisors, management company in experience and sales strategy with more focu

  29. Slide 29: IG Wealth Management at a glance

    IG Wealth Management at a glance Leading wealth management company in Canada inspiring financial confidence Key statistics Total AUA $116.8 Billion $6.8 Billion Total AUM $104.8 Billion Client Clients 1 Million+ Mortgages Advisor Practices1 1,776 Industry leaders in holding a credentialed financial

  30. Slide 30: IG Wealth Management journey

    Oct 2018 Investors Group relaunched brand to IG IG Wealth Management journey Wealth Management with renewed focus on mass affluent & HNW segments Emphasis on QUALITY & PROFICIENCY, with brand enhancement Q3 2019 • Q2/21 New private • Q3 2017 Investors Group’s in-house Launched new IG Living investme

  31. Slide 31: IG Wealth Management

    IG Wealth Management Increasing the financial confidence of all Canadians We believe that Canadians deserve a high standard of advice that takes into consideration all dimensions of their financial lives with financial plans tailored to meet and adapt to their needs. Comprehensive Personal Long-term

  32. Slide 32: Canadian financial assets projected to grow to $9.7 trillion by 2030

    Canadian financial assets projected to grow to $9.7 trillion by 2030 Canadian Discretionary Financial Assets ($ Trillions, at Dec 31) 4.6% Compound 9.7 • Net contribution rate of 2-3% of assets Annual Growth Rate 0.3 Gen Z per year expected ($192 billion per year) 1.7 Millennials • Increasing popula

  33. Slide 33: Managed solutions and financial advisors remain most important part of savings

    Managed solutions and financial advisors projected to remain most important part of Canadian savings Canadian Discretionary Financial Wealth ($ Trillions, at Dec 31) By savings vehicle1 By distribution channel CAGR CAGR Investment Financial 9.7 5% advisors 41% of 9.7 5% funds 42% of savings savings

  34. Slide 34: Opportunity within mass affluent & high net worth households

    Opportunity within mass affluent & high net worth households IG Wealth Management Market Share IG’s financial planning offering is By Household Wealth well-suited to the needs of the IG Wealth Management Market Share mass affluent and HNW segments Canadian Financial Assets ($ billions) 5% $2,008 IG

  35. Slide 35: Comprehensive financial advice; competitive fee rates

    Our strategic mandate to be Canada’s financial partner of choice starts with comprehensive financial advice; Our advisory & product fee rates are competitive Actions taken during the 2010’s position IG with competitive fees (Wealth management fees in bps) OUR WELL-CONSTRUCTED, 2011: Bundled fee 2016

  36. Slide 36: Well-constructed managed solutions for comprehensive financial planning

    Well-constructed managed solutions provide advisors with the best opportunity to focus on providing comprehensive financial planning 84% OF LONG-TERM GROSS SALES (LTM) | 70% OF LONG-TERM FUND ASSETS The iProfile Portfolios, IG Wealth Portfolios, IG Climate Action Portfolios and the IG U.S. Taxpayer

  37. Slide 37: Investment solutions across public, private markets and alternatives

    Leading portfolio construction with investment solutions that include public markets, private markets and alternative strategies EXPANDED USE OF PRIVATE MARKET INVESTMENTS AND LIQUID ALTERNATIVES IN iPROFILE MANAGED SOLUTIONS ILLUSTRATION OF iPROFILE GLOBAL L I Q U I D A LT E R N AT I V E S NEUTRAL

  38. Slide 38: Investment solutions managed by top global asset managers

    Leading investment solutions at IG Wealth managed by top global public and private markets asset managers with strong investment performance 62% iProfile managed of assets rated 4 or 5 stars solutions provide by Morningstar1 clients with access to: 89% Well-constructed managed solutions by world-cla

  39. Slide 39: Strong advisor productivity

    Strong advisor productivity Gross Inflows per Advisor Gross Inflows per Advisor Recruit with <4 years Practice with >4 years experience experience ($MM) ($MM) Key Initiatives Driving Productivity • Tightened recruiting standards 1.56 1.50 1.38 • Corporate advice channel that provides 0.59 consistent

  40. Slide 40: Sales growth driven by high-net-worth & mass affluent client acquisition

    Sales growth driven by accelerating high-net-worth & mass affluent client acquisition Gross Flows from Newly Acquired Clients Gross Flows from Newly Acquired Clients (Q2, $MM) (Last Twelve Month Trailing, $MM) By Client Assets Brought to IG Wealth By Client Assets Brought to IG Wealth Growth <$100K

  41. Slide 41: Solid net flows at IG Wealth Management

    Solid net flows at IG Wealth Management IG Wealth Management Gross and Net Flows1 ($MM) IG Wealth Management Flows (in $B) Gross Inflows Gross Outflows Net Flows (Last Twelve Month Trailing, as at July 31, 2023) … 1,073 1,195 Month of July 949 Total Net Flows IGM Product Net Flows 719 806 663 605 65

  42. Slide 42: IG Wealth Management Q2, 2023 operating results

    IG Wealth Management Q2, 2023 operating results Gross Outflows Rate Assets Under Gross Inflows ($MM) (quarterly annualized) Net Flows ($MM) Advisement ($B) 389 Cash, GICs, HISAs 3rd party 3,068 11.1% IGM Solutions (AUM) 2,795 9.7% 115.9 116.8 105.5 5.8 5.7 3.2 6.0 6.4 4.9 (424) Q2/22 Q2/23 97.4 104.

  43. Slide 43: Clients remaining committed to financial plans

    IG Wealth’s clients remaining committed to financial plans, IG focused on comprehensive financial planning Redemption Rates1 (Last Twelve Month Trailing % of Average Assets) 20% 18% 16% 15.5% Industry 14% (as at Jun 30, 2023; IG Investment Return Index based on long-term Clients remain focused on fi

  44. Slide 44: Continued momentum advancing advisor value proposition

    Continued momentum advancing advisor value proposition Investment Executive Report Cards1 Strong performance reflects Top Ranking in Dealer Report Card Strong Position vs. Big 5 Bank FSBs recent initiatives of integrating 5th 2 3rd 3rd 1st 2 Net Promoter Score (out of -100 to +100) our systems that

  45. Slide 45: Rockefeller Q2 and YTD 2023 highlights

    Q2 and YTD 2023 Highlights YTD 2023 Client Asset1 Growth ($US B) Advisor Team Growth 2 ▪ 1 Strong year-to-date organic growth drove a 128 US$2.8B increase in client assets, including 116 US$0.9B during Q2/23 3 ▪ Rockefeller’s inorganic growth engine 1 91 continues to attract top advisors and add sig

  46. Slide 46: Wealthsimple highlights

    Highlights AUA by Quarter ($B) Client Count by Quarter1,2 (000s) ▪ 1 Wealthsimple’s AUA grew to $23.4B, up 2,169 2 23.4 1 2,116 10% sequentially and 38% year-over-year 2,031 1,965 2,002 21.3 1,910 ▪ 2 Wealthsimple serves 2.2 million clients, up 19.4 1,753 18.4 18.3 10% during the last twelve months1

  47. Slide 47: Asset Management

    Asset Management 47 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N

  48. Slide 48: Key messages – Mackenzie Investments

    Key messages – Mackenzie Investments We have successfully executed Mackenzie Supporting team success Sustained performance turnaround; shift from Executing on foundational and cost efficiency based on top talent and Clear line of sight for 2023 equity mutual fund strategy; nimble approach through di

  49. Slide 49: Mackenzie Investments at a glance

    Mackenzie Investments at a glance Diversified asset management solutions provider Key statistics AUM by asset class2 Vehicle Agnostic Total AUM1 $193.3 Billion SPECIALTY ✓ Mutual funds INCOME Clients 1 Million+ ✓ ETFs CANADIAN EQUITY Advisors Served 30,000+ ✓ HNW pools Employees4 1,438 ASSET ALLOCAT

  50. Slide 50: Mackenzie's journey since 2016

    Mackenzie’s journey since 2016 Shift from equity mutual fund firm to global, future-oriented investment solutions firm • 1997: Joined IG Wealth • Progressed in organization Barry McInerney Luke Gould through roles in business and strategic analysis, PRESIDENT AND CEO PRESIDENT AND CEO investor relat

  51. Slide 51: Mackenzie strategy

    Mackenzie strategy OBJECTIVE Become Canada’s preferred global asset management solutions provider & business partner PURPOSE Creating a more invested world, together Our strategic focus Goals 1. Win in Retail TOP INVESTMENT FIRM IN CANADA in a segmented way 2. Build global Institutional business ENG

  52. Slide 52: Opportunity to access Money in Motion with third party distribution

    Opportunity for Mackenzie to access “Money in Motion” with third party distribution model Industry Long Term Mutual Fund Assets Non-Bank Long Term Mutual Fund Sales ($ Billions) ($ Billions) Bank-Owned Non-Bank Gross Sales Net Sales 2,500 200 2,000 150 Significant 5-year CAGR “Money in 3.8% at Dec/2

  53. Slide 53: 2022 Advisor Perception results show continued momentum

    2022 Advisor Perception results show continued momentum Mutual Fund Advisor Perception Study – 2013 2015 2017 2018 2019 2020 2021 2022 Mackenzie Results 2 Overall Perception Rank 12th 5th 3rd 3rd 3rd 2nd 3rd* 2nd Brand Equity Rank N/A 2nd 2nd 2nd 2nd 2nd 2nd 2nd Overall Quality of Sales 2 2 2 12th 7

  54. Slide 54: Global capabilities; boutique structure and well-resourced

    Global capabilities; Boutique structure and well-resourced Dublin ▪ 150+ investment professionals Beijing Toronto Mackenzie Sales Office globally Winnipeg and CAMC ▪ 16 Investment Teams New Hampshire Calgary PAX London ▪ $193.3 Billion1 Vancouver ▪ Capabilities Menlo Park Shanghai ▪ Fundamental & Qu

  55. Slide 55: World-class investment talent spanning 16 boutiques

    World-class investment talent spanning 16 boutiques Two CIOs providing oversight & leadership STEVE LOCKE LESLEY MARKS CIO, Fixed Income & Multi-Asset CIO, Equities Investment Boutiques – Investment Boutiques – Equities Fixed Income & Multi-Asset Multi-Asset Nelson Arruda Cundill Richard Wong Europe

  56. Slide 56: Mackenzie's unique multi-boutique structure

    Mackenzie’s unique multi-boutique structure Capabilities suited for portfolio construction and solutions selling ETF Traditional Symmetry Portfolios Balanced Monthly Mackenzie Alts Strategies / Northleaf Resources Income Mackenzie Monthly Income Portfolios Portfolios Alternative TOBAM Mackenzie Alts

  57. Slide 57: Investment boutique retail mutual fund performance & net sales

    Investment boutique retail mutual fund performance & net sales Fixed Managed 3rd Party Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend Income Solutions & Other North Global Global ChinaAMC, Fixed Multi-Asset Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative Eq

  58. Slide 58: Continue to build-out institutional business

    Continue to build-out institutional business with targeted approach Strategic Partnerships Geographies Environmental Unique mandate with proven track record; • Greenchip continuing to build AUM in all markets Thematic Equity poised to grow • Strong quant platform with competitive track records acros

  59. Slide 59: Mackenzie Investments net flows

    Mackenzie Investments net flows Mackenzie Adjusted Investment Fund Flows1 ($MM) Mackenzie Adjusted Investment Fund Net Flows1 (in $MM) Gross Sales Redemptions MF Net Sales ETF Net Flows (Last Twelve Month Trailing, as at July 31, 2023) Month of July 802 784 830 868 660 Total Retail 511 536 475 288 3

  60. Slide 60: Mackenzie Q2, 2023 operating results

    Mackenzie Q2, 2023 operating results Retail Mutual Fund Gross Sales ($MM) Net Sales ($MM)1,2 ▪ Total net redemptions were $343MM 1,518 1,458 Q2/22 Q2/23 ▪ (3.4%) long-term investment fund Retail mutual Funds (553) (630) net sales rate over the twelve Retail ETFs (126) (80) months ending June 30, 202

  61. Slide 61: Chinese mutual fund industry AUM and net flows

    Chinese mutual fund industry AUM and net flows ChinaAMC is an industry leader, and consistently among the top five in the league tables Growth Chinese Mutual Fund Industry Long-term Mutual Chinese Mutual Fund Industry QoQ 1yr Fund Market Share2 (% at June 30, 2023) Ending AUM1 27.4 4% 4% • ChinaAMC’

  62. Slide 62: ChinaAMC AUM and earnings

    – a leading Chinese asset manager; AUM and earnings ChinaAMC Ending AUM1 IGM Share of ChinaAMC Earnings2 (RMB billions) (CAD millions) Original 13.9% ownership 1-Year Growth Additional share due to increased ownership 28.1 27.7 1,772 1,802 4% 1,740 1,733 1,722 On January 12, 2023, IGM closed on the

  63. Slide 63: Northleaf – private markets asset management firm

    – A leading mid-market global private markets asset management firm About Northleaf Ownership and Strategic Rationale 1. A global private equity, private credit and 1. Mackenzie & Lifeco jointly own 70% economic interest in Northleaf (49.9% voting) through an acquisition vehicle 80% owned by Mackenz

  64. Slide 64: IGM Financial Acquires Stake in Rockefeller Capital Management

    IGM Financial Acquires Stake in Rockefeller Capital Management As presented April 4, 2023 64 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N

  65. Slide 65: Acquisition of a strategic equity interest in Rockefeller

    Acquisition of a strategic equity interest in Rockefeller Capital Management Rockefeller – a leading U.S. A risk-smart entry into the independent financial U.S. wealth management services advisor firm market for IGM Financial  Pre-eminent destination for  New growth platform for elite U.S. financi

  66. Slide 66: Strategic Overview

    Strategic Overview IGM Financial acquires a 20.46% stake in Rockefeller Capital Management to become the second largest investor alongside Viking Global Investors; Expands capabilities in the high-net-worth (HNW) and ultra-high-net-worth (UHNW) segments Strategic investment for IGM • Advancement and

  67. Slide 67: U.S. Wealth Market is the Biggest and Deepest in the World

    U.S. Wealth Market is the Biggest and Deepest in the World Millionaire Breakdown by Country1 39% of millionaires worldwide or ~25 million adults1 Other, 24% • During 2021, added 2.5 million new millionaires, the largest increase in millionaire numbers recorded, for any country, in 20+ years U.S., 39

  68. Slide 68: Rockefeller: Contemporary Brand Built on Rockefeller Family Office Legacy

    Rockefeller Capital Management is a Globally Respected Contemporary Brand Built on the Legacy of the Rockefeller Family Office 1882 JOHN D. 2018 1884 1901 1913 1921 ROCKEFELLER SPELMAN ROCKEFELLER THE ROCKEFELLER INTERNATIONAL OPENS FIRST COLLEGE UNIVERSITY FOUNDATION HOUSE FULL-SERVICE FAMILY OFFIC

  69. Slide 69: Rockefeller Capital Management Today

    Rockefeller Capital Management Today: a leading independent financial services firm Rockefeller Global Family Office business complemented by Strategic Advisory and Asset Management, increasing organic growth opportunities ROCKEFELLER CAPITAL MANAGEMENT PARTNERSHIP WITH ROCKEFELLER FAMILY ROCKEFELLE

  70. Slide 70: Rockefeller: Strong leadership team, brand and technology

    Rockefeller Capital Management Today: Run by a strong and well respected leadership team, has a well respected brand, and builds the business with elite advisors on a modern financial services platform Experienced Leadership Globally Respected Brand Modern Technology Stack ► Led by Gregory J. Flemin

  71. Slide 71: Proven National Growth Model Attracting Top Advisors

    Proven National Growth Model Attracting Top Advisors; Focused on HNW and UHNW Segments 3 Rockefeller Global Family Office (RGFO) locations in 2018 to 44 today1 Advisor Team Growth Rockefeller Office Locations 120 120 teams across 44 U.S. offices as of March 31, 2023 Chicago Saratoga San Francisco 91

  72. Slide 72: Rockefeller Client Asset and Revenue Growth

    Rockefeller Capital Management has Delivered Strong Client Asset and Revenue Growth, Powered by both Organic and Inorganic Growth Drivers Inorganic growth through recruiting Client Assets1 (US$B) Revenue (US$MM) top private wealth advisors Assets Under Management & Advisement Rockefeller Global Fami

  73. Slide 73: Rockefeller Demonstrated Ability to Grow

    Rockefeller Capital Management has Demonstrated Ability to Grow and is Positioned to Deliver Strong Future Growth Rockefeller Capital Management Business Model Rockefeller Global Family Office Growth Strategy ► Premier Wealth Management franchise for HNW and UHNW ► Recruit high-quality advisor teams

  74. Slide 74: Rockefeller Valuation Reflective of Growth Profile

    Rockefeller Capital Management Valuation Reflective of Growth Profile RCM Revenue & Adjusted EBITDA1 RCM Enterprise Value to Adjusted EBITDA Multiple1,2 (US$MM) Revenue Adj. EBITDA ~21x $577 $398 $248 ~13.5x $138 $88 $7 $35 ($40) 2019 2020 2021 2022 2023 2024 Forecast Forecast RCM Revenue Growth % ~

  75. Slide 75: Summary of Transactions

    Summary of Transactions 1) IGM Financial acquires an equity interest in Rockefeller Capital Management to expand 2) Canada Life to Acquire Investment Planning capabilities in the high-net-worth and ultra-high-net-worth segments Counsel a) IGM Financial to purchase 20.46% of Rockefeller Capital Manag

  76. Slide 76: Strategic Rationale for the Sale of Investment Planning Counsel

    Strategic Rationale for the Sale of Investment Planning Counsel Inc. 1) Unlocks embedded value with valuation multiple reflecting the capabilities, scale and distinct structure of IPC in Canada (~16x 2022 Adjusted EBITDA1) – Q4/22 analyst presentation sum-of-the parts valued IPC at C$342MM2 2) Stren

  77. Slide 77: Appendix

    Appendix 77 | I G M F I N A N C I A L I N V E S T O R P R E S E N T A T I O N

  78. Slide 78: 2023 Expense Guidance

    2023 Expense Guidance – continued focus on prudent expense management Guidance and Outlook: Combined Operations & Support and Business Development Expenses IGM Consolidated1 (year-over-year change) 5-year technology & operations Full-year expense 9% 9% transformation announced guidance revised to 2%

  79. Slide 79: IGM Financial Q2, 2023 results

    IGM Financial Q2, 2023 results Total AUM&A ($B) Net Earnings ($MM) Net Earnings Per Share ($) Daily AUM&A 207 0.87 Daily AUM&A Ex Disc Ops Annual Average AUM&A Quarterly Average AUM&A 138 0.58 290 280 270 260 250 240 230 Adjusted Net Adjusted Net Earnings 220 Earnings1,2 ($MM) Per Share1,2 ($) 210 2

  80. Slide 80: Q2, 2023 IGM Financial consolidated profitability

    Q2, 2023 IGM Financial consolidated profitability Change QoQ Change YoY $ Millions (unless otherwise noted): IGM Financial Consolidated Q2/22 Q1/23 Q2/23 $ % $ % Days in the period 91 90 91 1.1% 0.0% 1▪ Net investment income & other up Average AUM & AUA ($ Billions) $8.6MM year-over-year primarily d

  81. Slide 81: IGM Financial common dividends – annual view

    IGM Financial common dividends – annual view ▪ Traditionally IGM has increased dividends at pay-out of 60-65% of earnings ▪1 IGM’s dividend pay-out is high relative to peers ▪ There is currently ~$150 million difference between reported net earnings ▪2 Dividend yield of ~5.5% is attractive1 and cash

  82. Slide 82: IGM Financial common dividends – quarterly view

    IGM Financial common dividends – quarterly view ▪ IGM will consider dividend increase closer to 60% pay-out of adjusted cash earnings given other productive uses of capital ▪ Pay-out ratio is currently 71% of last twelve month trailing adjusted cash earnings Percentage of Adjusted Cash Earnings IGM

  83. Slide 83: IG Wealth Management Q2, 2023 highlights

    IG Wealth Management Q2, 2023 highlights 1 IG Wealth ending AUM&A of $116.8B increased 0.8% during the quarter • Driven by client investment returns of 1.2% 2 IG Wealth Q2 gross inflows of $2.8B represent another solid quarter • Net outflows of $424MM in Q2/23 • IG Wealth total net inflows of $196MM

  84. Slide 84: IG Wealth Management key profitability drivers

    IG Wealth Management key profitability drivers Daily Average Assets ($B), Advisory Key Revenue & Expenses as bps of Respective and Product & Program Fee Rate (bps)1 Driver (AUA or AUM)1 114.7 116.1 ▪1 Reminder: Asset-based compensation is 110.7 108.5 109.6 103.1 102.5 102.4 102.8 paid based on the s

  85. Slide 85: IG Wealth Management profitability

    IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IG Wealth Management Q2/22 Q1/23 Q2/23 $ % $ % Days in the period 91 90 91 1.1% 0.0% Average assets under advisement ($B) 110.7 114.7 116.1 1.4 1.2% 5.4 4.8% Average assets under management ($B) 101.8 103.3

  86. Slide 86: Mackenzie Investments & Strategic Investments Q2, 2023 highlights

    Mackenzie Investments & Strategic Investments Q2, 2023 highlights 1 Ending AUM of $193.3B, relatively flat versus March 31, 2023 2 Investment fund net redemptions of $616MM, in-line with industry outflows 3 New Mackenzie fund launches focus on PFSL, sustainability and US dollar exposure • PFSL True

  87. Slide 87: Asset Management key profitability drivers

    Asset Management key profitability drivers Net Asset Management Fee Rates1 Average AUM ($B), Net Asset Management Fees (bps)1 (as bps of respective AUM) Sub-advisory and AUM to Wealth 82.0 82.3 Third-party 195.5 192.0 193.1 80.5 80.8 80.9 Excluding 187.3 186.3 Management Canada Life Third Party AUM

  88. Slide 88: Asset Management segment profitability

    Asset Management segment profitability $ Millions (unless otherwise noted): Change QoQ Change YoY Asset Management Q2/22 Q1/23 Q2/23 $ % $ % Days in the period 91 90 91 1.1% 0.0% ▪1 Year-over-year increase in net Average assets under management ($B) Third Party AUM 118.5 115.7 116.3 0.6 0.5% (2.2) (

  89. Slide 89: Strategic Investments & Unallocated Capital

    Strategic Investments & Unallocated Capital Strategic Investments Q2/22 Net Q2/23 Net YoY Ownership Accounting Q2/23 Net Q2/23 Fair & Unallocated Capital Value Assumption Earnings Earnings Change (Q2’22/Q2’23) Basis Carrying Value Value 29.0 14.59 -50% 4.0%/2.4%8 Equity 584 Trading price 8516 1 13.3

  90. Slide 90: RCM IFRS Earnings and Adjusted EBITDA

    RCM IFRS Earnings and Adjusted EBITDA 2019 2020 2021 2022 RCM Net Income - IFRS $ (57.9) $ (28.9) $ (33.3) $ (63.1) Share-based compensation - 2.8 9.7 35.8 Depreciation & amortization 6.7 6.0 7.5 10.2 Loan amortization 9.3 21.5 41.4 69.2 Interest & taxes 1.7 5.8 9.6 35.8 RCM Adjusted EBITDA1 (40.2)

IGM Financial — Investor Presentation (September 2023) on 6ix