IGM Financial Inc. (IGM) is one of Canada’s largest diversified wealth and asset management firms, managing more than $307 billion in total assets as of October 2025. Through its core subsidiaries, IG Wealth Management and Mackenzie Investments, the company provides comprehensive financial planning and investment management services to over two million Canadians. Its portfolio is further strengthened by strategic stakes in Wealthsimple, Rockefeller Capital Management, ChinaAMC, and Northleaf Capital, providing exposure to high-growth fintech and global private markets.
Discover how much upside your favorite stocks could have using TIKR’s new Valuation Model (It’s free) >>>
Under the leadership of CEO James O’Sullivan, IGM’s strategy centers on expanding client assets, digital modernization, and global diversification. The company’s Wealthsimple investment reached $2.2 billion in fair value this quarter after a 46% valuation increase, while Rockefeller’s fair value rose 89% above its initial investment to $1.58 billion. Together, these holdings represent more than $15 per share in embedded value, complementing steady growth from its core Canadian franchises.
Management reaffirmed its focus on disciplined expense control, maintaining year-to-date operations and support expense growth at approximately 4%, consistent with its 2025 target. With leverage reduced to 1.42x adjusted EBITDA and unallocated capital nearing $700 million, IGM enters 2026 with both balance sheet flexibility and visible earnings momentum.
Quickly value any stock with TIKR’s powerful new Valuation Model (It’s free!) >>>
Financial Story
Q3 2025 marked another record-setting quarter for IGM. Adjusted net earnings rose 23% year-over-year to $301.2 million, with adjusted diluted EPS reaching a new high of $1.27. Total assets under management and advisement climbed to $302.6 billion, up 14% from 2024, while total assets, including strategic investments, surged 22% to $562.4 billion.
| Metric | Q3 2025 | YoY Change | Notes |
|---|---|---|---|
| Adjusted Net Earnings | $301.2M | +23% | Record high, led by core segments |
| Adjusted EPS | $1.27 | +23% | All-time high quarterly EPS |
| Net Inflows | $2.4B | — | IG Wealth + Mackenzie |
| AUM&A (incl. Strategic) | $562.4B | +22% | Record consolidated assets |
| Wealthsimple Valuation | $2.2B | +46% | Transaction closed Oct 2025 |
| Rockefeller Valuation | $1.6B | +89% | Secondary sale planned Q4 2025 |
| Dividend per Share | $0.5625 | — | Payout ratio 51% of adjusted EPS |
| Leverage (Gross Debt/Adj. EBITDA) | 1.42x | ↓ | Down from 1.61x last year |
Net inflows totaled $2.4 billion, a sharp turnaround from outflows a year ago, reflecting broad-based strength across both IG Wealth and Mackenzie. IG Wealth Management contributed $426 million in net inflows, its fifth consecutive quarter of positive sales, while Mackenzie Investments delivered $2.0 billion in total net sales, including $407 million in retail investment funds.
Segment results highlighted IGM’s diversified earnings base: Wealth Management generated $158.2 million in adjusted net earnings, up 26.7% year over year, while Asset Management earned $110.6 million, up 21%. The company’s proportionate share of ChinaAMC’s earnings rose 40% to $46.1 million, and contributions from Rockefeller and Lifeco both improved.
Look up IGM Financial‘s full financial results & estimates (It’s free) >>>
Broader Market Context
The wealth management industry benefited from stronger market performance and renewed investor confidence in Q3. Equity indexes gained across regions, with the S&P/TSX up 12.5%, S&P 500 up 8.1%, and CSI 300 up 19%, driving a 6.2% client index return across IGM portfolios.
In Canada, long-term mutual fund sales rebounded across the industry, reversing last year’s redemptions. IGM outperformed peers, posting above-average fund flows and market-share gains across both retail and institutional channels. The company’s exposure to ChinaAMC, Northleaf, and Wealthsimple provides unique access to high-growth asset classes and technology-driven investor segments that traditional firms have struggled to penetrate.
1. Wealth Management: Sustained Growth at IG Wealth
IG Wealth Management reported record assets under advisement of $155.9 billion, up 14% year over year. The business recorded $3.8 billion in gross inflows and continued its streak of positive net sales. Notably, 79% of flows originated from mass affluent and high-net-worth clients, underscoring IG’s success in deepening relationships with higher-value households.
The company’s mortgage and insurance solutions gained traction, with mortgage funding up 12% year over year and new insurance premiums up 10%. IG Wealth also ranked #1 among full-service dealers in the Investment Executive 2025 Report Card, with a client Net Promoter Score of 81, the highest in company history.
2. Asset Management: Mackenzie’s Momentum and Global Reach
Mackenzie Investments delivered a standout quarter, reporting record AUM of $239.5 billion, up 13% year over year. Net sales totaled $2.0 billion, including strong ETF inflows of $265 million. Retail mutual fund redemptions narrowed significantly to $258 million, compared to $556 million last year, reflecting improving investor sentiment and competitive product innovation.
The firm launched 11 new investment funds in Q3, expanding into private markets through its partnership with Northleaf Capital, whose AUM rose 16% to $34.4 billion. Mackenzie also advanced its position in China through ChinaAMC, which maintained #2 market share in China’s long-term fund market at 6.7%, with assets exceeding ¥3 trillion.
Value stocks like IGM Financial in less than 60 seconds with TIKR (It’s free) >>>
3. Strategic Investments: Wealthsimple and Rockefeller Value Uplift
IGM’s fintech and global wealth holdings continue to deliver substantial value creation. Wealthsimple’s assets under advisement surpassed $100 billion, up 94% year-over-year, supported by client growth to 3 million. A third-party transaction in October lifted its valuation to $2.2 billion, making it one of Canada’s most valuable private fintechs.
Meanwhile, Rockefeller Capital Management continues its U.S. expansion, with client assets rising to US$186.8 billion, a 25% year-over-year increase. IGM plans to sell a small portion of its Rockefeller stake in Q4 2025, while remaining the company’s second-largest shareholder and maintaining long-term strategic alignment.
The TIKR Takeaway
IGM Financial’s Q3 results confirm broad-based earnings strength, disciplined cost management, and expanding global reach. Both core businesses, IG Wealth and Mackenzie, delivered record client assets, while strategic investments in Wealthsimple and Rockefeller generated meaningful unrealized value that now rivals IGM’s traditional market capitalization.
The company’s 2026 outlook remains supported by tailwinds in wealth management demand, digital adoption, and international diversification. With net inflows improving, leverage falling, and expense growth contained, IGM is demonstrating a balanced path between shareholder returns and reinvestment for long-term growth.
Should You Buy, Sell, or Hold IGM Financial Stock in 2025?
IGM combines stable Canadian retail franchises with fast-growing digital and global investments. The company’s consistent double-digit earnings growth, dividend reliability, and value accretion from Wealthsimple and Rockefeller make it an appealing long-term compounder in the financial sector. Near-term catalysts include additional fintech monetization and continued margin expansion at Mackenzie.
How Much Upside Does IGM Financial Stock Have From Here?
With TIKR’s new Valuation Model tool, you can estimate a stock’s potential share price in under a minute.
All it takes is three simple inputs:
- Revenue Growth
- Operating Margins
- Exit P/E Multiple
If you’re not sure what to enter, TIKR automatically fills in each input using analysts’ consensus estimates, giving you a quick, reliable starting point.
From there, TIKR calculates the potential share price and total returns under Bull, Base, and Bear scenarios so you can quickly see whether a stock looks undervalued or overvalued.
Find out what your favorite stocks are really worth (Free with TIKR) >>>
Looking for New Opportunities?
- See what stocks billionaire investors are buying so you can follow the smart money.
- Analyze stocks in as little as 5 minutes with TIKR’s all-in-one, easy-to-use platform.
- The more rocks you overturn… the more opportunities you’ll uncover. Search 100K+ global stocks, global top investor holdings, and more with TIKR.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
