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- IGM Financial (OTCPK:IGIFF) (TSX:IGM:CA) said on Friday that the Canadian asset manager’s outflows increased in June on the back of the country’s recent tax policy changes.
- “IGM Financial experienced heightened investment fund gross sales, redemptions and heightened positive other net flows due to clients strategically triggering capital gains in advance of changes to Canada’s capital gains tax policy that took effect on June 25th, 2024,” the company said in a statement.
- June net outflows came in $535M, compared to $146M in the same period of 2023.
- Investment fund net redemptions stood at $510M, compared to the year-ago redemptions of $331M.
- June 30 assets under management and advisement stood at $252.4B, up 0.5% from May and 7.6% from last year.
- Source: Press Release