Letter to shareholders



In 2023, people adapted to new routines and reconnected in a richer way with family, friends and colleagues while keeping an eye on their finances amid persistent inflation, rising interest rates and increased global instability. Against this backdrop, IGM Financial entered a new and exciting chapter as a business while staying true to our ongoing commitment of bettering the lives of Canadians by better planning and managing their money.

During the year we provided our clients with the guidance and support they required to navigate these challenges demonstrating how sound strategy and execution deliver the best results. By remaining committed to their financial plans, our clients were rewarded with strong overall average client returns of almost 10% over the year. Our deep pool of talent allowed us to maintain momentum in our core businesses, control our expenses and work more efficiently. We also made important, far-reaching investments that set our company up for meaningful earnings growth in the years ahead.

We continued to keep a close eye on expenses. This enabled us to reduce our annual expense guidance to no more than 2%. We ended 2023 with assets under management and advisement (AUM&A) of $240 billion, up 7.1% from December 31, 2022 (excluding IPC). Annual net earnings were $1,148.9 million or $4.82 per share and annual adjusted net earnings (a non-IFRS financial measure) were $820.7 million or $3.44 per share.

Our focus on expenses did not curtail our investment in our businesses. We continued to work with leading global technology partners such as Salesforce, Microsoft, Google and Broadridge to optimize our performance and deepen our relationships with advisors and investors. These initiatives are updating our back office, modernizing our corporate contact centre and enhancing both the client and employee experience.

Having substantially completed the modernization of our major systems and technology investments to

strengthen our performance and competitive industry position, we were able to simplify our operations and reduce structural costs. This included eliminating duplicate roles and systems, enabling partnerships across the business and enhancing efficiencies. These strategic initiatives allowed us to reinvest in our future and realign and support our core businesses while accelerating growth and reducing costs.

In January, we increased our equity interest in China Asset Management Co. (ChinaAMC) to 27.8%, deepening our participation in the Chinese asset management industry with one of the nation’s leading asset managers. This growing relationship creates growth opportunities for us and strengthens, diversifies and differentiates our global business.

And in April, we announced a 20.5% investment in Rockefeller Capital Management, an exciting strategic milestone that expands IGM’s wealth management footprint into the U.S. through an iconic brand in the high- and ultra-high-net-worth space. The partnership exemplifies our commitment to diversification and growth while deepening the connected strength of our family of businesses and strategic investments.

Concurrent with the Rockefeller transaction, we announced the sale of one of our wealth management businesses, Investment Planning Counsel (IPC), to our sister company, Canada Life Assurance Company, allowing us to strengthen our focus and investment in our core businesses. We would like to thank IPC CEO Blaine Shewchuk, Executive Chair Chris Reynolds and the entire team for their contributions to IGM over the last twenty years.

Today, our realigned business positions IGM for future growth across all demographic segments and varied geographies. Our lineup of businesses are leaders in their respective industries: a wealth management powerhouse in IG Wealth Management, Rockefeller and Wealthsimple, and a dynamic asset management portfolio of businesses in Mackenzie Investments, ChinaAMC and Northleaf Capital Partners.



Our deep bench of talent and leadership have executed exceptionally well amid market fluctuations and macroeconomic challenges.


James O’Sullivan
President and Chief Executive Officer
IGM Financial

Wealth management

During more challenging economic times we demonstrate our greatest value to Canadians, providing them with the tools and guidance they need to build resilience through periods of market instability while helping them navigate all aspects of their financial lives.

At IG Wealth Management, Damon Murchison and his team executed a number of key initiatives in 2023 to drive long-term growth and business success while enriching and elevating the advisor and client experience. This included investing in technology platforms and partnerships to further digitalize the business and strengthen the breadth of our advice through innovation and championing best practices across our diverse and growing advisor network to meet the needs of mass affluent and high-net-worth Canadians.

These strategies resulted in client AUA increasing to $121.2 billion from $110.8 billion in 2022. Net outflows were $165 million. IG maintained momentum in attracting and serving clients from the high-net-worth and mass affluent market segments, with inflows of IG-managed investments to new affluent clients with investments of more than $500,000 growing by 58.3% since 2020. Our modernization of IG’s investment management and financial planning platforms continued in 2023.

nesto Mortgage Cloud solution, introduced in 2023 with implementation continuing through 2024, helps IG advisors provide clients with an easier, faster and best-in-class digital mortgage experience. Similarly, our financial planning platform, from industry leading software provider Conquest Planning, has become a critical piece of our modern financial planning business and continues to deliver a highly responsive, sophisticated and nimble level of planning at a time when advisors are adapting to changing client scenarios, priorities and expectations.

During the year, IG introduced IG Private Company Advisory, a dedicated team that supports owners of small and mid-sized Canadian businesses with advice tailored to suit their companies in key areas such as growth strategy, raising capital, mergers and acquisitions and divestitures.

We continued to enhance our multi-channel client engagement model throughout 2023, allowing us to deliver a best-in-class financial planning experience across the full spectrum of client needs while remaining dedicated to the ongoing growth of the mass affluent and high-net-worth client segments. This includes a Dedicated Channel, which provides full-service access to expert financial advisors and IG Wealth Connect, a digital-first offering backed by human advice from planning experts. Together, IG Wealth Connect and the Dedicated Channel comprise our Corporate Channel with combined assets growing to $6.1 billion at December 31, 2023.

The landmark partnership with Rockefeller during the year advances our strategy of expanding our presence in the high-net-worth and ultra-high-net-worth client segments and presents IG with a strong opportunity for knowledge-sharing and business partnerships between our connected businesses in the future.

IGM is also the largest shareholder in Wealthsimple, with an interest of approximately 25%. One of Canada’s fastest-growing and innovative financial services companies, Wealthsimple was named Globe and Mail’s most trusted financial institution among Canadians under 45. The company enjoys a dominant position with Millennials and is a complement to our core wealth management business.

Our efforts to provide advisors and clients with superior advice, personalized financial planning tools and industry-leading services and solutions earned us renewed accolades in 2023 and reflect the high-impact investments we have made to our business. IG finished first among all full-service firms in 10 key categories of Investment Executive’s annual Dealer Report Card, including advisor education, training and support for high-net-worth clients. This was a remarkable achievement in line with our 2022 four-year high in this benchmark industry report and was a testament to our commitment to supporting our advisors in 2023 amid challenging markets, high interest rates and heightened client needs.

Asset management

In alignment with our efforts to strengthen our core businesses for sustainable future growth, IGM’s asset management business continued to leverage the most promising markets in the world through its portfolio of strong partners and highly relevant investments.

Led by Luke Gould, Mackenzie Investments deepened its bedrock of client trust with a clear purpose. To help crystallize this, it launched Be Invested, a new brand platform that underscores the importance of remaining invested across all market cycles. It is a natural extension of Mackenzie’s mission to create a more invested world together. Performing well in 2023 despite broader market challenges, total AUM was $195.7 billion, compared to $186.6 billion at the end of 2022. Investment fund net redemptions were $2.1 billion and total net redemptions (including institutional) were $1.9 billion in 2023.

During the year, Mackenzie continued to advance its ongoing digital transformation through various initiatives. In November, we announced an agreement with CIBC Mellon to provide enhanced asset management capabilities through OnCore, a modern, innovative, and global middle office solution administered by BNY Mellon.

As a company known for its desire to build a more sustainable world, Mackenzie also made a number of key product launches in 2023. This includes the Mackenzie Corporate Knights Global 100 Index Fund and Mackenzie Corporate Knights Global 100 Index ETF and the Mackenzie Greenchip USD Global Environmental All Cap Fund, the largest thematic environmental fund in Canada.

More generally, Mackenzie also launched the Mackenzie All-Equity ETF Portfolio and Mackenzie USD Global Dividend Fund, along with two new funds in partnership with Primerica Financial Services: Mackenzie FuturePath Shariah Global Equity Fund and Mackenzie FuturePath US Core Fund. The firm’s ongoing commitment to product innovation and excellence saw its dedicated Exchange Traded Funds (ETF) team win recognition as Best US Equity ETF and Best Canadian Equity ETF Issuer at the 2023 ETF Express Canada Awards.

During the year, our asset management business strengthened our partnership network through strategic investments that align with our goals of creating a more invested world and building global offerings. To help further this, we expanded our participation in the rapidly growing Chinese asset management industry by acquiring Power Corporation of Canada’s interest in ChinaAMC, increasing our equity interest to 27.8%.

With alternative investments accounting for an increasing portion of the global asset management revenue pool, our growing participation in private assets and alternatives in partnership with Northleaf aligns with our mission to drive growth and deliver long-term shareholder value for IGM. Northleaf’s AUM grew to $26.6 billion in 2023, a 10.4% increase over 2022, representing a cumulative annual growth rate of 22.3% since our partnership was formed in late 2020.

This approach yielded clear benefits for Mackenzie’s people, advisors and investors. For the first time, Mackenzie made Glassdoor’s Best Places to Work List, an award based solely on the input of employees. Mackenzie also achieved continued strong results in the industry’s annual client scorecard, the 2023 Environics Advisor Perception Study (APS), maintaining its strong APS leadership position among the top three in overall score. These results are all the more impressive given that Mackenzie had to navigate a third-party cyber-security incident during the year and are a testament to the team’s ongoing focus on transparency and always putting the advisor and investor first.

Driving positive change

During 2023, IGM continued to prioritize initiatives that service and strengthen our businesses, our people and the communities around us through a focus on diversity, equity and inclusion (DEI), environmental sustainability and engagement with local communities.

We continued our transition to a hybrid work environment that will help our people thrive. Finding ways to work together virtually in recent years helped accelerate innovation and flexibility throughout our business, and we will continue to balance the flexible benefits and efficiency of working virtually while also having a presence in the office.

We work hard to be a place where employees across the country feel respected, elevated and valued and give them ample opportunities to develop their careers as we build a culture grounded in DEI. We will continue to build on the progress we have made, embedding an inclusive lens across our business.

Climate change is one of the defining challenges of our time. We understand we have a role to play in implementing sustainable business practices and investing in a climate-resilient economy. We are committed to the recommendations of the Task Force on Climate-related Financial Disclosures and have participated in the annual Carbon Disclosure Project (CDP) survey since 2013 to disclose our approach to climate change management and associated metrics and targets. Throughout 2023 our Green Business Resource Group made a positive impact in our communities organizing initiatives that resulted in planting 650 trees and a shoreline and parks cleanup across major Canadian cities.

As a Canadian company, we know we have a responsibility to be actively involved in the communities in which we live and work. IGM’s annual Giving Campaign, in support of United Way and the Mackenzie Together Charitable Foundation, raised more than $1.6 million and featured record employee participation. Further, through our IG Empower Your Tomorrow community platform, we continued to make an impact in helping build financial confidence among four underserved groups, including Indigenous communities, newcomers, seniors and youth. And during our annual Mackenzie Together Volunteer Week the Mackenzie community came together to donate their time to a variety of charities.

2024 and beyond

Our deep bench of talent and leadership have executed exceptionally well amid market fluctuations and macroeconomic challenges. We have reengineered our core businesses, IG Wealth Management and Mackenzie Investments, and combined with our four best-in-class partners, Rockefeller, Wealthsimple, ChinaAMC and Northleaf, we are well positioned for future growth.

We would like to thank our teams for their hard work in 2023 as they helped to ensure the financial well- being of Canadians. The transformative changes of the last four years have strengthened our ability to compete with global asset managers and allowed our wealth management business to extend its relationships with high-net worth and ultra-high-net-worth clients. Combined with our deep and experienced pool of talent and focus on execution, these changes have reshaped our company and set us on an exciting path to sustained growth.

As a values-driven company, IGM will continue to support the growth and career development of our employees and advisors, give back to communities where we live and work and use our influence and capacity as a large financial services company to drive positive social impact and fight climate change. After a time of momentous change and evolution, we are confident in our ability to deliver growth and increased value in the years ahead to our shareholders while working to better the lives of Canadians.

Together, these achievements brought us renewed recognition as one of Canada’s Top 100 Employers (2024), one of Canada’s Best Diversity Employers (2023) and one of Manitoba’s Top Employers (2023) by Mediacorp Canada in its annual ranking of companies that provide an outstanding workplace for their employees. We also once again ranked among the world’s 100 most sustainable corporations on Corporate Knights 2024 Global 100.

On behalf of the Board of Directors,

James O’Sullivan
President and Chief Executive Officer
IGM Financial

R. Jeffrey Orr
Chair of the Board
IGM Financial



We are confident in our ability to deliver growth and increased value to our shareholders while working to better the lives of Canadians.

R. Jeffrey Orr
Chair of the Board
IGM Financial