IGM Financial Inc.(IGIFF) 首席执行官 Jeff Carney 在 2019年 第二季度业绩 - 收益电话会议记录

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IGM Financial Inc. (OTCPK:IGIFF) Q2 2019 Earnings Conference Call August 1, 2019 1:30 PM ET

IGM Financial Inc.([OTCPK:IGIFF])2019年第二季度收益电话会议2019年8月1日美国东部时间下午1:30

公司参与者

Keith Potter - Treasurer & Head of Investor Relations
Jeff Carney - President & Chief Executive Officer
Barry McInerney - President & Chief Executive Officer of Mackenzie Investments
Luke Gould - Executive Vice President & Chief Financial Officer

  • Keith Potter - 财务主管兼投资者关系主管
  • 杰夫卡尼 - 总裁兼首席执行官
  • Barry McInerney - Mackenzie Investments总裁兼首席执行官
  • Luke Gould - 执行副总裁兼首席财务官

电话会议参与者

Gary Ho - Desjardins Capital Markets
Geoff Kwan - RBC Capital Markets
Graham Ryding - TD Securities
Tom MacKinnon - BMO Capital Markets
Scott Chan - Canaccord Genuity
Paul Holden - CIBC

  • Gary Ho - Desjardins资本市场
  • Geoff Kwan - 加拿大皇家银行资本市场
  • 格雷厄姆莱丁 - 道明证券
  • Tom MacKinnon - BMO资本市场
  • Scott Chan - Canaccord Genuity
  • 保罗霍尔登 - CIBC

会议主持员

Good afternoon and welcome to the IGM Financial Second Quarter 2019 Earnings Results Call for Thursday, August 1, 2019.
Your host for today will be Mr. Keith Potter. Please go ahead Mr. Potter.

下午好,欢迎参加2019年IGM财务第二季度收益结果,请致电2019年8月1日星期四。

今天的主持人将是Keith Potter先生。 请继续波特先生。

基思波特

Thank you Patrick. Good afternoon. I'm Treasurer and Head of Investor Relations and welcome everyone to IGM Financial's 2019 second quarter earnings call. Joining me on the call today are Jeff Carney, President and CEO of IG Wealth Management and President and CEO of IGM Financial; there’s Barry McInerney, President and CEO of Mackenzie Investments; and Luke Gould, Executive Vice President and CFO of IGM Financial.
Before we get started, I'd like to draw your attention to the cautions concerning forward-looking statements on slide 3 of the presentation. Slide 4 summarizes non-IFRS financial measures used in this material. On slide 5, we provide a list of documents that are available to the public on our website related to the first quarter results for IGM Financial.
And with that, I'll turn it over to Jeff Carney who will review IGM's 2019 second quarter results starting on slide 7.

谢谢帕特里克。 下午好。 我是财务主管和投资者关系主管,欢迎大家参加IGM Financial 2019年第二季度财报电话会议。 今天与我联系的是IG财富管理公司总裁兼首席执行官兼IGM Financial总裁兼首席执行官Jeff Carney; Mackenzie Investments的总裁兼首席执行官Barry McInerney; 和IGM Financial执行副总裁兼首席财务官Luke Gould。

在我们开始之前,我想提请您注意有关演示文稿幻灯片3中前瞻性陈述的警告。 幻灯片4总结了本材料中使用的非IFRS财务指标。 在幻灯片5中,我们提供了一个文档列表,这些文档在我们的网站上可供公众使用,与IGM Financial的第一季度结果相关。

有了这个,我将把它转交给Jeff Carney,他将从幻灯片7开始审查IGM 2019年第二季度的业绩。

杰夫卡尼

Good afternoon everybody. We reached another record high quarter end AUM level with IGM's total assets reaching $162.3 billion at June 30, 2019. That's up 1.2% during the second quarter. Our clients earned significant investment returns during the first half of the year, driving IGM's AUM up 8.9% relative to December 31st of last year. Investment fund net redemptions were $364 million in the quarter or 0.9% of average AUM on an annualized basis.
IGM continued to gain market share relative to the industry advice channel, which experienced net redemptions rate of 1.5% during the second quarter. Adjusted net earnings per share were $0.81 for Q2 2019. Reported EPS of $0.77 includes an $8 million after-tax relating to Great-West Life sale of its U.S. individual life insurance and annuity business. We executed on non-commission expense control during the quarter and are maintaining our 4% growth guidance for full year 2019.
We repurchased 2.5 million shares during the quarter at a cost of $91 million, bringing our year-to-date repurchases to $100 million. And as a reminder, IGM received proceeds of $80 million during the quarter from our participation in Great-West Lifeco's substantial issuer bid.
Slide 8 highlights the performance of major equity and fixed income indices. Since December 31st of last year, our clients have earned significant investment returns of 9% including 1.3% during the second quarter.
Turning to slide 9. Investors' confidence remained low as we entered the second quarter. The industry advice channel experienced long-term mutual fund net redemptions of $2.8 billion during Q2. That said, we began to see improvements in the industry flows during the month of June, which supports a more positive outlook for the remainder of 2019.
Turning to slide 10, on our results for the second quarter. Average AUM increased to $161.8 billion, up 2.7% year-over-year. Investment fund net redemption is up $364 million, compared to net sales of $171 million in Q2, 2018.
IGM's adjusted net earnings were $193 million for the quarter and adjusted net earnings per share were $0.81, up 15.7% from Q1 2019. We would note that our adjusted net earnings for Q2 2019 includes personal capital losses of $4.6 million and lower Great-West Life earnings due to true-up of approximately $3.8 million. Excluding these items, adjusted earnings were relatively in line with the second quarter of last year. As I mentioned earlier, IGM's reported net earnings included an after-tax loss of $8 million or $0.04 per share.
Slide 11 contains the breakdown of IGM's quarterly results across all of our segments. You can see that the Corporate and Other is a key driver for the change in earnings versus last year, which is the result of lower proportionate share of associate’s earnings from Great-West Life and the inclusion of personal capital losses starting this year.
Turning to IG Wealth Management's Q2 highlights on slide 13. AUM reached a record quarter end high at $90.2 billion, up 8.5% year-to-date driven by strong investment returns for our clients.

大家下午好。我们达到了创纪录的季末AUM水平,IGM的总资产在2019年6月30日达到了1623亿美元。第二季度增长了1.2%。我们的客户在上半年获得了大量投资回报,相对于去年12月31日,IGM的AUM上涨了8.9%。本季度投资基金净赎回额为3.64亿美元,按年度平均资产管理规模的0.9%计算。

相对于行业建议渠道,IGM继续获得市场份额,该渠道在第二季度的净赎回率为1.5%。 2019年第二季度调整后的每股净收益为0.81美元。报告的每股盈利0.77美元包括与Great-West Life出售其美国个人人寿保险和年金业务相关的800万美元税后税。我们在本季度执行了非佣金支出控制,并维持了2019年全年4%的增长指引。

我们在本季度回购了250万股,成本为9100万美元,使我们今年迄今为止的回购达到了1亿美元。作为提醒,IGM在本季度因参与Great-West Lifeco的实质发行人收购而获得了8000万美元的收益。

幻灯片8突出了主要股票和固定收益指数的表现。自去年12月31日以来,我们的客户在第二季度获得了9%的重大投资回报,包括1.3%。

转向幻灯片9.随着我们进入第二季度,投资者的信心仍然很低。行业咨询渠道在第二季度经历了28亿美元的长期共同基金净赎回。也就是说,我们开始看到6月份行业流量的改善,这支持了2019年剩余时间的更积极前景。

转到幻灯片10,关于第二季度的结果。平均资产管理规模增加至1618亿美元,同比增长2.7%。投资基金净赎回额增加3.64亿美元,而2018年第二季度的净销售额为1.71亿美元。

IGM本季度的调整后净收益为1.93亿美元,调整后每股净收益为0.81美元,比2019年第一季度增长15.7%。我们注意到,我们2019年第二季度的调整后净收益包括个人资本亏损460万美元和较低的西部生活由于大约380万美元的预测而获得的收益。不计这些项目,调整后的收益与去年第二季度相对。正如我之前提到的,IGM报告的净收益包括800万美元的税后亏损或每股0.04美元。

幻灯片11包含IGM在所有细分市场中的季度业绩细分。您可以看到,企业和其他是收入变化与去年相比的关键驱动因素,这是由于Great-West Life的员工收入比例较低以及今年开始包含个人资本损失。

转向IG财富管理公司第二季度亮点第13页。由于客户的强劲投资回报,AUM达到创纪录的季度末高点902亿美元,同比增长8.5%。

Net redemptions were $537 million during the second quarter excluding $62 million of net flows into high-interest savings accounts. This is in the context of a low investor confidence as the industry remains in net redemptions.
IG Wealth Management's gross sales stabilized during Q2 and the sales per consultant were up 10% year-over-year. The net sales trend also stabilized and is looking more favorable heading into the third quarter.
The improvement in gross sales is supported by success in the high net worth and mass affluent segments, which experienced a 15.6% increase in sales into our high net worth solutions.
I'm also excited to share that the National Service Centre, we launched in 2018 focusing on our mass market clients is now serving over servicing over 150,000 clients, representing over $1 billion in assets. This servicing center is resourced with a team of salaried licensed financial representatives that help them ensure we are providing our very best consistent service level to all households. This helps free up Consultants' time to acquire more high net worth and mass affluent clients and servicing exists on households in this segment.
Turning to slide 14, on operating results. You can see that IG's gross sales stabilized in Q2, and is in line with 2018. This is an important improvement from the trend last quarter. I'd also note that Q2 is typically a seasonally slower sales period for IG due to the expensive Consultant-focused events, we hold during that quarter. As I mentioned, our reported net sales did not include flows into the high interest rate savings and accounts.
We intend to expand our disclosures to include a view of total dealer assets administration and flows in 2020 corresponding to the introduction of the unbundled pricing for all where an advisory fee is charged on the AUA. We're optimistic investor sentiment is coming back and we look forward to improving industry net flows in June. We're seeing signs of similar improvements at IG Wealth Management during the month of July. Slide 15 highlights IG Wealth Management's long-term trailing 12 months redemption rate of 9.9%, which remains well below the industry average of 17.2%.
Turning to slide 16. We continue to make progress in delivering better beta with our focus on managed solutions, which now represents 54% of our long-term AUM and 80% of our long-term gross sales. High net worth solutions represented $46.7 billion in assets under management and 52% of total sales. As I mentioned, IG's gross sales into high net worth solutions increased 15.6% year-over-year. A key component of this increase is coming from the acquisition of new client households. Specifically, gross sales from the acquisition of new households with more than 500,000 increased to 14% relative to last year. As a result -- that result demonstrates our strategy in showing early signs of progress.
With that, I'll now turn it over to Barry to discuss the Mackenzie's results.

第二季度的净赎回额为5.37亿美元,不包括高利息储蓄账户净流入的6200万美元。由于该行业仍处于净赎回状态,因此投资者信心较低。

IG Wealth Management的第二季度销售总额稳定,每位顾问的销售额同比增长10%。净销售趋势也趋于稳定,并且在进入第三季度后看起来更加有利。

高净值和大众富裕阶层的成功支持了总销售额的改善,我们的高净值解决方案的销售额增长了15.6%。

我也很高兴地分享我们在2018年推出的全国服务中心,专注于我们的大众市场客户,现在服务超过150,000个客户,代表超过10亿美元的资产。该服务中心由一支受薪的持牌财务代表团队提供资源,帮助他们确保我们为所有家庭提供最佳的一致服务水平。这有助于顾问腾出时间来获得更多高净值和大众富裕客户,并为该细分市场的家庭提供服务。

转到幻灯片14,关于操作结果。您可以看到IG的总销售额在第二季度稳定下来,与2018年持平。这是与上季度趋势相比的重要改进。我还注意到,由于我们在该季度举行的以顾问为主的昂贵活动,因此第二季度IG的销售季节通常较慢。正如我所提到的,我们报告的净销售额不包括流入高利率储蓄和账户的流量。

我们打算扩大我们的披露范围,以包括对2020年的经销商资产管理和流量总额的看法,对应于对AUA征收咨询费的所有非捆绑定价的引入。我们乐观的投资者情绪正在回升,我们期待在6月份改善行业净流量。我们在7月份看到IG Wealth Management有类似改善的迹象。 Slide 15重点介绍IG Wealth Management的长期追踪12个月赎回率为9.9%,远低于行业平均水平17.2%。

转向幻灯片16.我们继续在提供更好的测试版方面取得进展,我们专注于托管解决方案,现在占我们长期资产管理规模的54%和长期总销售额的80%。高净值解决方案代表管理资产467亿美元,占总销售额的52%。正如我所提到的,IG对高净值解决方案的总销售额同比增长了15.6%。这一增长的一个关键组成部分来自收购新的客户家庭。具体而言,收购超过500,000的新家庭的总销售额相对于去年增加至14%。结果 - 这一结果证明了我们展示早期进展迹象的策略。

有了这个,我现在将它转交给Barry讨论Mackenzie的结果。

Barry McInerney

Thank you, Jeff and good afternoon everyone. If you could please turn to slide 18. Mackenzie reached another record high level of investment fund AUM at the end of the second quarter of 2019, $61.4 billion, completing the first half of the year with a 10.6% increase relative to the end of 2018. During Q2, Mackenzie also continued to gain market share versus peers in the advice channel, the total investment fund net sales of $284 million.
Our retail investment fund net sales were once again strong at $392 million. This was our 11th consecutive quarter of positive retail mutual fund net sales and our 13th consecutive quarter of positive retail ETF net creations. Mackenzie continues to deliver a solid investment performance with 46% of our mutual fund AUM in 4 or 5-star rated funds as at June 30 of this year.
Slide 19 highlights Mackenzie's operating results for the second quarter of 2019. Mutual fund gross sales of $2.5 billion was an all-time record high Q2 result for us, after adjusting prior periods to remove fund allocation changes. Total investment fund net sales were $284 million. Mackenzie continues to capture market share versus peers in advice channels as mentioned. Our long-term investment funds which includes both ETFs and long-term mutual funds had an organic net sales rate of 1.3% during the 12 months ending June 30. Our strong momentum at Mackenzie continued in the summer months and IGM will report Mackenzie's July investment fund net sales results tomorrow.
We experienced $534 million net redemptions with institutional sub-advisory and other line during Q2. This included the impact of recent sub-advisory changes at IPC and also includes approximately $200 million out of $1.3 billion in sub-advisory assets that are being internalized this year by one of our partners. The remaining $1.1 billion of low-fee funds is expected to redeem during the third quarter. The annual revenue impact is marginal at approximately $1.5 million.
On the positive side, Mackenzie has a number of institutional wins, totaling approximately $650 million across three strategies and three client geographies, mainly here in Canada, the U.S. and Europe. $150 million of these wins are already funded during Q2 and the remaining $500 million is expected to fund in the third and fourth quarters.
Details of our continued retail sales momentum are presented on slide 20. Mackenzie's retail sales represented 7.4% of advice channel long-term mutual fund gross sales during Q2 versus 6.8% last year. Our retail gross sales capture rate improved across several categories with a substantial increase in the foreign equity gross sales capture rate of 11.2% relative to 5.7% in Q2 of last year. And as I mentioned earlier, the second quarter of 2019 marked the 11th consecutive quarter of positive retail investment fund net sales. Both mutual funds and ETFs are attracting positive net flows.
Turning to slide 21. Mackenzie's ETF AUM was $3.5 billion at the end of June. Our ETF assets continue to be diversified across strategy and client type and retail makes up more than 50% of Mackenzie's ETF AUM. Traditional beta and active ETFs benefit from positive net creations, whereas our strategic beta products were impacted by advisory fee balance in the portfolios during the quarter.

谢谢杰夫,大家下午好。如果可以请转到幻灯片18.Mackenzie在2019年第二季度末达到创纪录的高水平投资基金AUM,为614亿美元,完成了上半年,相对于2018年底增长了10.6%在第二季度,麦肯齐还继续在咨询渠道中获得市场份额,总投资基金净销售额为2.84亿美元。

我们的零售投资基金净销售额再次强劲,达到3.92亿美元。这是我们连续第11个季度的积极零售共同基金净销售额和我们连续第13个季度的正零售ETF净创造。截至今年6月30日,Mackenzie继续在4或5星级评级基金中提供46%的共同基金资产管理公司的稳健投资业绩。

Slide 19重点介绍Mackenzie 2019年第二季度的经营业绩。共同基金总销售额25亿美元是我们在调整前期以消除资金分配变化后的第二季度业绩创历史新高。总投资基金净销售额为2.84亿美元。如上所述,Mackenzie继续在建议渠道中占据市场份额。截至6月30日的12个月,我们的长期投资基金(包括ETF和长期共同基金)的有机净销售率为1.3%。我们在Mackenzie的强劲势头在夏季持续,IGM将报告Mackenzie的7月投资明天基金净销售业绩。

在第二季度,我们通过机构分咨询和其他线路获得了5.34亿美元的净赎回。这包括IPC最近的次级顾问变更的影响,还包括我们的合作伙伴今年内部化的13亿美元次级咨询资产中的约2亿美元。其余11亿美元的低费用基金预计将在第三季度赎回。年度收入影响微不足道,约为150万美元。

从积极的方面来说,Mackenzie在三个战略和三个客户地区共计大约6.5亿美元,主要在加拿大,美国和欧洲。这些胜利中的1.5亿美元已在第二季度获得资金,其余5亿美元预计将在第三和第四季度获得资金。

我们持续零售销售势头的细节显示在第20页.Mackenzie的零售额占第二季度建议渠道长期共同基金总销售额的7.4%,而去年为6.8%。我们的零售总销售收入率在几个类别中有所改善,外国股票总销售收入率大幅增长11.2%,而去年第二季度为5.7%。正如我之前提到的,2019年第二季度标志着连续第11个季度的正零售投资基金净销售额。共同基金和ETF都吸引了积极的净流量。

转向幻灯片21.截至6月底,Mackenzie的ETF资产管理规模为35亿美元。我们的ETF资产在战略和客户类型方面继续保持多元化,零售业占Mackenzie ETF资产管理规模的50%以上。传统的beta和活跃的ETF受益于积极的净创造,而我们的战略beta产品受到本季度投资组合中咨询费余额的影响。

On slide 22, we take a look at the liquid alternative's landscape. While there's been many recent developments in the alternative investments based in Canada, most of the product solutions have been common place in the U.S. for quite some time now. In fact, the U.S. has experienced a 16% compound annual growth rate over the past decade, reaching approximately US$700 billion in liquid alternatives this year.
We're getting a lot of questions with liquid alternatives and I wanted to draw your attention to our view that we see there being two distinct and notable subcategories: one, being liquid alternative asset classes; and the second, being liquid alternative strategies. Both these categories have an important characteristic in common that is sources of return that have low correlations to traditional asset classes.
However, in Canada, it was only 15 months ago that Mackenzie broke new ground when I launched the first -- Canada's first liquid alternative strategies product to Canadian retail investors based on the regulators' alternative framework for conventional mutual funds. We now have a total of $1.1 billion of AUM across our liquid alternative products and we foresee a significant long-lasting upside for liquid alternatives in our country.
On slide 23, Mackenzie's long-term investment performance remained strong, further improving quarter-over-quarter on all the metrics highlighted on the page. Mackenzie's percentage of assets in the first or second quartile advanced quarter-over-quarter in each of the one-year, three-year, five-year and 10-year time periods. At the end of the quarter we had more than 50% of our mutual fund assets above medium in the one-year, three-year, five-year and 10-year periods. And 46% of Mackenzie's AUM is in four-star, five-star rated funds the fifth highest in the industry.
And finally on slide 24. For Mackenzie, value-oriented strategies remained out of favor and continually remained out of favor during the second quarter. Mackenzie's growth-oriented boutiques continued to have a majority of their assets rated four, five stars and they're attracting significant net sales in the retail channel. Our global equity and income team and fixed income team are also performing very well.
With that, I'll turn it over to Luke to review IGM's financial results.

在幻灯片22中,我们来看看液体替代品的景观。虽然最近在加拿大的替代投资有很多发展,但大多数产品解决方案在美国已经很常见了很长一段时间。事实上,在过去十年中,美国的复合年增长率为16%,今年的液体替代品达到了约7000亿美元。

我们对液体替代品提出了很多问题,我想提请你注意我们的观点,即我们看到有两个截然不同且值得注意的子类别:一个是液体替代资产类别;第二,是流动的替代策略。这两个类别都有一个共同的重要特征,即与传统资产类别相关性较低的回报来源。

然而,在加拿大,仅仅15个月前,麦肯齐开辟了新的领域,当时我根据监管机构的传统共同基金的替代框架向加拿大散户投资者推出了第一个加拿大第一个液体替代战略产品。我们现在在我们的液体替代产品中总共拥有11亿美元的AUM,我们预计我们国家的液体替代品将具有显着的持久优势。

在幻灯片23中,Mackenzie的长期投资表现仍然强劲,在页面上突出显示的所有指标上进一步改善了季度环比。 Mackenzie在一年,三年,五年和十年的时间段内,在第一或第二四分位数中的资产比例均为环比增长。在本季度末,我们有超过50%的共同基金资产在一年,三年,五年和十年期间超过中等水平。 Mackenzie的AUM中有46%是四星级,五星级的基金,在业内排名第五。

最后是第24页。对于Mackenzie来说,价值导向的策略仍然不受欢迎,并且在第二季度一直不受欢迎。 Mackenzie以增长为导向的精品店继续将其大部分资产评为四星级,五星级,并且它们在零售渠道中吸引了大量的净销售额。我们的全球股票和收入团队以及固定收益团队也表现良好。

有了这个,我将把它交给Luke审查IGM的财务业绩。

卢克古尔德

Yeah. Thanks, Barry. Hi everybody. Over to page 26. And on this slide, you can see our consolidated assets under management. I just remind that as Jeff said, we had all-time record high asset levels driven by continued investment returns of 1.4% in the quarter for our clients and 9% year-to-date. And that's informed our earnings result.
I'll turn to page 27. We can see our consolidated EBIT and margins as a percent of AUM. Starting on the left, I just highlight our EBIT of $276.4 million was up 15% from Q1. It was driven by higher asset levels with average assets up 4%. It's also driven by lower expenses, which were down $15 million from Q1. As mentioned earlier, there are some timing-related items to the expenses as we focused on initiatives. And I'd also reinforce that our full year guidance of no more than a 4% increase for IGM and our major subsidiaries is staying at -- it's staying in place.
On the right, you can see our net management fee rate of 1.22% was stable and EBIT margin of 57 basis points was up meaningfully due to the expense of the clients. I'd also say at the onset during that -- we did introduce our previously announced high net worth fee reductions at IG during the first quarter, it was actually March 1 of 2019. And I think somebody's been expecting lower management fees than we reported.
So we did announce that there will be a three basis point reduction on IG's fee rate upon these changes. But I'd also highlight a third of it was felt in Q1 and the remaining two-thirds felt in Q2. So I think people are expecting slightly lower management fees, but this is our current run rate that you're seeing here. I'd also highlight that in the case of Mackenzie, we are seeing strength in retail and strength in equities, which is putting upward pressure on the weighted average free rate.
Page 28, I'll make a few additional comments on the consolidated income statements. First, as Jeff highlighted, if you look at the proportionate share of associates earnings, you can see we had $28.2 million in this line. This is largely our share of Great-West Lifeco's income our folks that share. And I will remind that each quarter's result reflects analyst estimates of Great-West Life's earnings and the true-up from the actual of the previous quarter. And in this period we did have $4 million of negative adjustment, and excluding that the result would have been $32 million.
If you go all the way to the bottom, I'd also remind that we did do some financing activities in Q1, and we did retire our preferred share issue of $150 million. You can see perpetual preferred share dividends has declined from $2.2 million a quarter to zero. And I note that the impact of that refinancing was a $6 million annual benefit, and we're starting to see that in Q2.
And I'd also remind in the second row from the bottom, we did buy back $100 million worth of the common shares. And the impact on our average shares outstanding was to reduce that balance by 1% in the quarter.
Moving to page 29. I don't have many comments on the fee and the compensation rates for IG. I would just remind that at the top left, you can see the weighted average management admin fee rate. It's 199.3 basis points. This is down two basis points from last period. And again, we signaled that the high net worth pricing adjustments would have a three basis point impact, a basis point of that was felt in Q1 with the remaining two basis points felt in Q2.

是啊。谢谢,巴里。大家好。在第26页上。在此幻灯片中,您可以看到我们管理的合并资产。我只是提醒一下,正如杰夫所说,我们创造了历史最高资产水平,这是由于本季度客户的投资回报率为1.4%,而今年迄今为止为9%。这就是我们的收益结果。

我将转向第27页。我们可以看到我们的综合EBIT和利润率占AUM的百分比。从左侧开始,我只强调我们的息税前利润为2.764亿美元,比第一季度增长了15%。资产水平较高,平均资产增长4%。它也受到较低费用的推动,从第一季度开始下降了1500万美元。如前所述,由于我们专注于计划,因此有一些与时间相关的费用项目。而且我还强调,IGM和我们的主要子公司的全年指导增加不超过4% - 它仍然存在 - 它保持不变。

在右侧,您可以看到我们的净管理费率1.22%是稳定的,并且由于客户的费用,息税前利润率为57个基点。我在发病期间也说过 - 我们确实介绍了我们之前宣布的第一季度IG的高净值减少费用,实际上是2019年3月1日。我认为有人一直期望管理费用比我们报道的要低。

因此,我们确实宣布,在这些变化后,IG的费率将降低三个基点。但我还要强调其中三分之一是在第一季度感受到,其余三分之二在第二季度感受到。所以我认为人们期望管理费略低,但这是我们目前在这里看到的运行率。我还要强调的是,就Mackenzie而言,我们看到零售业的强势和股市的强势,这对加权平均自由利率构成了上行压力。

第28页,我将对综合损益表作出一些补充评论。首先,正如杰夫强调的那样,如果你看一下同事收入的比例,你可以看到我们在这条线上有2820万美元。这主要是我们分享的Great-West Lifeco收入的份额。我要提醒的是,每个季度的结果都反映了分析师对Great-West Life收益的估计以及上一季度的实际情况。在此期间,我们确实有400万美元的负面调整,不包括结果将是3200万美元。

如果你一直走到谷底,我还会提醒我们确实在第一季度做了一些融资活动,我们确实退出了1.5亿美元的优先股发行。您可以看到,永久优先股股息已经从每季度的220万美元下降到零。我注意到,再融资的影响是每年600万美元的收益,我们在第二季度开始看到这一点。

而且我还会从第二行开始提醒,我们确实回购了价值1亿美元的普通股。对我们的平均流通股的影响是在本季度将这一余额减少1%。

转到第29页。我对IG的费用和赔偿率没有太多评论。我只想提醒一下,在左上角,您可以看到加权平均管理管理费率。这是199.3个基点。这比上一期下降了两个基点。我们再次表示,高净值价格调整将产生三个基点的影响,第一季度的基点与第二季度剩余的两个基点相同。

Moving to page 30. You can see IG Wealth Management's income statement. I commented on management admin fees on the last slide. I would highlight IG's earnings were up 19% from Q1 driven by higher asset levels and lower expenses. I think this is noteworthy items in distribution fee.
You can see we earned $44.6 million up about $4 million from last quarter and $4 million from last year. That is as a result of higher insurance sales, which we think is favorable. And I'd also remind that a large part of that is paid out in compensation expenses. And you can find that in asset-based comp and other.
I'd also highlight that in point one on this side you can see sales-based commission expenses, which will now expenses incurred for large part of our sales commission, is down from last quarter to a lower sales level primarily due to seasonality. And then lastly, non-commission expenses $152.9 million was up 4% from last year. And this is consistent with our guidance for the full year.
Page 31. Moving there you can see Mackenzie's fee rates and asset levels. I just remind that at the top left net revenues were 79.6 basis points up slightly from last quarter. We did highlight last quarter that we pay a quarter of the asset-based comp in Q1 in spite of earning 90 over 365 on the revenue line. So that does impact the rate. The other thing impacting rate as mentioned was real strength in retail and also strong investment returns on the equity component in Mackenzie's AUM.
Moving to page 32. You can see earnings before interest and taxes for Mackenzie were up 24.8% relative to Q1 due to higher asset levels and lower expenses. I would remind, if you look at the net investment income and other line that Mackenzie did enjoy really good investment returns on its seed capital in Q1 and we experienced a lower return during the second quarter. I'd also highlight non-commission expenses of $84.8 million were stable from Q2 of 2018. However, there is some timing there and we do expect that full year Mackenzie will be up 4% from 2018's level.
And then turning to page 33. We've added a new slide to walk through some of the activities in the quarter in our strategic investments. The first point I'd highlight is we did invest $11 million in Portag and $18 million in Wealthsimple in the quarter. You can see that exit to $29 million in the top left. So as we are disclosing the quarter Wealthsimple -- we'd have a funding round of $100 million, which we participated in and did include a third-party being Allianz.
We marked up you can see in point two, the value of our investments by $24 million and that reflects the subscription price in this funding ground. And importantly, you can see we are carrying these investments at a fair value of $285 million. And I'd also remark Wealthsimple continuous to do very well. I hope all of you have seen that they are advertising the marketplace. They now have over $5 billion in assets which is an increase of over 90% in last year. And they have 150,000 client relationships and growing. So the investment has been going very well.

转到第30页。您可以看到IG Wealth Management的损益表。我在最后一张幻灯片上评论了管理管理费用。我强调IG的收益比第一季度增长了19%,这主要得益于更高的资产水平和更低的费用。我认为这是分销费中值得注意的项目。

您可以看到我们从上个季度获得了4460万美元,比上一季度增加了400万美元,而去年则增加了400万美元。这是由于保险销售额增加,我们认为这是有利的。而且我还提醒说,其中很大一部分是在补偿费用中支付的。你可以在基于资产的comp和其他中找到它。

我还要强调的是,在这方面的第一点,您可以看到基于销售的佣金支出,这将是我们大部分销售佣金产生的费用,从上一季度下降到较低的销售水平,主要是由于季节性因素。最后,非佣金支出1.529亿美元,比去年增加4%。这符合我们对全年的指导。

转移到那里,您可以看到Mackenzie的费率和资产水平。我只是提醒一下,左上角的净收入比上一季度略微上升了79.6个基点。我们确实强调了上一季度我们在第一季度支付了四分之一的基于资产的补偿,尽管在收入线上获得了超过365的收益。这确实影响了利率。提到的另一个影响因素是零售业的实力和Mackenzie AUM中股权部分的强劲投资回报。

转到第32页。由于资产水平较高和费用较低,您可以看到Mackenzie的利息和税前利润相对于第一季度增长了24.8%。我想提醒一下,如果你看一下Mackenzie确实在第一季度的种子资本中获得了非常好的投资回报的净投资收益和其他方面,我们在第二季度的回报率较低。我还要强调的是,自2018年第二季度以来,8480万美元的非佣金支出保持稳定。但是,有一些时间,我们预计全年麦肯齐将从2018年的水平上涨4%。

然后转到第33页。我们添加了一张新幻灯片,以便在我们的战略投资中完成本季度的一些活动。我要强调的第一点是我们在本季度投资了1100万美元在Portag和1800万美元的Wealthsimple。您可以看到左上角的退出到2900万美元。因此,当我们披露季度Wealthsimple时 - 我们将获得1亿美元的融资,我们参与其中并确实包括第三方的Allianz。

我们标记为您可以在第二点看到,我们的投资价值为2400万美元,这反映了此融资领域的认购价格。而且重要的是,您可以看到我们以2.85亿美元的公允价值进行这些投资。而且我也会说Wealthsimple持续做得很好。我希望你们所有人都看到他们在宣传这个市场。他们现在拥有超过50亿美元的资产,比去年增加了90%以上。他们拥有150,000个客户关系并且不断壮大。所以投资一直很顺利。

I'd make a few remarks on Personal Capital and China AMC. First that we -- that reflected the strength in the Canadian dollar and we've highlighted that in points 3 and 4. And I'd also remind that we got our annual dividend from China AMC of $8 million during the quarter. And you can see on the right these investments are worth $200 million and just under $700 million, respectively. So it is a significant amount of value we have in these investments.
And then lastly as it relates to our investment in -- our 4% stake in Great-West Lifeco, we did tender proportionately to their substantial issuer bid. You can see the proceeds received from $80 million. And I'd remind two things; one, we used the proceeds to repurchase $100 million of IGM common shares in the period. And I'd also remind us that this investment is worth $1.1 billion on IGM's balance sheet. And if you look through our balance sheet you'll see additional excess capital that is viable.
That concludes my remarks and I'll turn it back over to Keith.

我将就个人资本和中国AMC发表一些看法。首先,我们 - 反映了加元的强势,我们在第3点和第4点强调了这一点。我还提醒说,我们在本季度从中国AMC获得了800万美元的年度股息。你可以在右边看到这些投资分别价值2亿美元和7亿美元以下。因此,我们在这些投资中拥有巨大的价值。

然后,由于它涉及我们的投资 - 我们在Great-West Lifeco的4%股权,我们按照其实质发行人的出价按比例进行了投标。您可以看到从8000万美元收到的收益。我会提醒两件事;一,我们用这笔收益在期内回购了1亿美元的IGM普通股。而且我还提醒我们,这笔投资在IGM的资产负债表上价值11亿美元。如果您查看我们的资产负债表,您会看到额外的超额资本是可行的。

我的言论到此结束,我将把它转回给基思。

基思波特

Hi, Patrick, I think we're ready to open the line for questions.

嗨,帕特里克,我想我们已经准备好打开问题。

问答环节

All right. Perfect. [Operator Instructions] We'll take our first question from Gary Ho with Desjardins Capital Markets. Please go ahead.

行。 完善。 [操作员说明]我们将向Gary Ho和Desjardins Capital Markets提出我们的第一个问题。 请继续。

Gary Ho

Thanks, and good afternoon. Just wanted to start-off and get a bit more color on the non-commission expense line. Maybe help us think through kind of the change from Q1 to Q2 material drop that we saw. Kind of what items drove that and would those reappear in the back half of 2019?

谢谢,下午好。 只是想开始并在非佣金支出线上获得更多颜色。 也许帮助我们思考一下从Q1到Q2的材料下降的变化。 什么物品开的那种,那些会在2019年后半期重新出现?

卢克古尔德

Yes. Thanks, Gary. It's Luke. So your question was on non-interest expenses. Yes. As indicated last year, we had some technology-initiative expenses that drove it up in Q1. So it's about what timing. Those expenses fell off as well as some of the quarterly or seasonal brands and marketing cost in Q1 so both have two biggest components.
And we also disclosed that one of the initiatives in particular that drove expenses was what we're calling our advisor portal at IG Wealth. And so that is actually the launch of Salesforce and we're on track on how that rolled out during 2019.
I'd also reinforce as far as full year spend, we are sticking to our guidance of being up no more than 4% year-over-year. And there may be -- it's hard to predict Q3 versus Q4, but full year we're very confident with that guidance.

是。 谢谢,加里。 这是卢克。 所以你的问题是关于非利息费用。 是。 正如去年所指出的那样,我们在第一季度开展了一些技术创新支出。 所以这是关于什么时机。 这些费用以及第一季度的一些季度或季节性品牌和营销成本都有所下降,因此两者都有两个最大的组成部分。

我们还透露,其中一项特别推动开支的举措就是我们称之为IG Wealth的顾问门户。 所以这实际上是Salesforce的推出,我们正在按计划在2019年推出。

我还会加强全年支出,我们坚持不断超过4%的指导。 而且可能会有 - 很难预测Q3与Q4,但是全年我们对这个指导非常有信心。

Gary Ho

Okay. That's helpful. Maybe second question just switching gears a bit. Want to get some perspective on the management fee rate. It does feel like the magnitude of fee cuts from the industry have slowed in the first half of this year versus 2017 and 2018. I guess firstly, is that a correct observation? And second, how's the competitive environment out there? Have there been players that's been more aggressive on prices et cetera?

好的。 这很有帮助。 也许第二个问题只是换了一点。 想要了解管理费率。 确实感觉今年上半年与2017年和2018年相比,该行业的减费幅度有所放缓。我想首先,这是正确的观察吗? 第二,那里的竞争环境如何? 有没有哪些球员在价格等方面更具侵略性?

Barry McInerney

It's Barry. Great question. So we're constantly monitoring our pricing at Mackenzie and Jeff will speak to IG. At Mackenzie being competitive. We feel pretty good still. Made some moves as you know a few times last three, four years. We're always I think going forward for the next little while probably pretty much as maybe a little about housekeeping and tweaking here and there, but we're always monitoring it. So have we seen a slowdown a bit there probably was -- sometimes there's price reductions across the industry and sometimes it's not as active. But we're just monitoring and we're feeling good. And we're competitive. So that's about it for us in terms of long-term trends. We'll just keep watching it and make -- ensuring we're competitive for -- lead on performance and being competitive in price.

这是巴里。 好问题。 所以我们一直在Mackenzie监控我们的定价,Jeff会跟IG说话。 在麦肯齐有竞争力。 我们感觉还不错。 做了一些动作,你知道过去三,四年的几次。 我们总是认为在接下来的一小段时间里可能会有一些关于家务和调整的内容,但我们总是会对它进行监控。 因此,我们看到可能出现了一定程度的放缓 - 有时候整个行业都会出现价格下降,有时甚至没有那么活跃。 但我们只是在监控,我们感觉良好。 而且我们很有竞争力。 就长期趋势而言,这就是我们的意思。 我们将继续关注并制造 - 确保我们的竞争力 - 在性能上领先并在价格上具有竞争力。

杰夫卡尼

And as you know we've made some pricing decisions earlier. And so very good in where we are for high net worth, which is what we're really trying to grow in. And we're as competitive as anybody in the industry when it comes to that.

如您所知,我们已经提前作出了一些定价决定。 在我们高净值的地方非常好,这就是我们真正想要成长的地方。而且,就这一点而言,我们和行业中的任何人一样具有竞争力。

Gary Ho

Okay. And then just my last question. You talked about the $80 million investment in Wealthsimple in the quarter. Can we again update on that platform as well kind of maybe relate that to the discussions around kind of use of the capital? Appears, you've slowed down your buybacks considerably after spending $90 million in the quarter. If it's not buybacks what is management's considering?

好的。 然后只是我的最后一个问题。 你谈到了本季度对Wealthsimple的8000万美元投资。 我们能否再次在该平台上进行更新,以及可能与围绕资本使用的讨论有关? 看来,在本季度支出9000万美元之后,你的回购速度大大减慢了。 如果不是回购,管理层正在考虑什么?

杰夫卡尼

Well we've got a number of options based on Personal Capital and Wealthsimple's development and continue to monitor their success. And as you can see they're growing -- both of them growing significantly. And so we're just monitoring those developments. And as we see opportunities, we'll put the capital where it's most effective for our shareholders.

我们有很多基于Personal Capital和Wealthsimple开发的选项,并继续监控他们的成功。 而且你可以看到它们正在增长 - 它们都在显着增长。 所以我们只是监控这些发展。 当我们看到机会时,我们会将资本放在对股东最有效的地方。

Gary Ho

And what do you think about the current dividend level at this point?

您如何看待目前的股息水平?

卢克古尔德

We're comfortable with where we are. We obviously -- overall everything we're doing is to being able to increase our dividend over time. But we've got these great opportunities right now and we want to make sure that we continue to develop them.

我们对自己所处的位置感到满意。 我们显然 - 总的来说,我们所做的一切就是能够随着时间的推移增加股息。 但我们现在已经获得了这些巨大的机会,我们希望确保我们继续发展它们。

杰夫卡尼

Yes. I think Gary in the past we've given that clear guidance. We're here to grow earnings and we're here to grow our dividends. And we've been targeting a dividend payout rate of 65%. And we've reached that level. You can expect that increases.

是。 我认为加里过去曾给出了明确的指导。 我们在这里增加收益,我们在这里增加我们的红利。 我们一直将目标派息率定为65%。 我们达到了这个水平。 你可以期待增加。

Gary Ho

Got it. Okay. That's helpful. That's it for me. Thank you.

得到它了。 好的。 这很有帮助。 这对我来说。 谢谢。

会议主持员

[Operator Instructions] We'll take our next question from Geoff Kwan with RBC Capital Markets. Please go ahead.

[操作员说明]我们将接受来自Roff Capital Markets的Geoff Kwan的下一个问题。 请继续。

Geoff Kwan

Hi, good afternoon. Jeff, just maybe to start and I just want to make sure I understand your comments around the net sales environment. So with the industry sales look like they may be getting better. You were kind of talking about the improved sales of the Consultants and also obviously the push in the high net worth side. So kind of putting that all together, does it feel like and do we space on your crystal ball that we should see after we just had seasonality some improvements in that net sales performance line in the coming months?

嗨,下午好。 杰夫,也许刚开始,我只是想确保理解你对净销售环境的评论。 因此,随着行业销售看起来他们可能会变得更好。 你有点谈论顾问的销售情况有所改善,而且显然是高净值的推动。 那么把它们放在一起,感觉是什么样的,我们在你的水晶球上放置了我们应该看到的空间,我们在未来几个月的净销售业绩线上的季节性有所改善吗?

杰夫卡尼

Absolutely. We've got -- a lot of our initiatives are starting to come to fruition and they're all to make it easier for our Consultants to do their best everyday. And so there's number that we've done products are doing really well. We've got some new capabilities that we've brought in, new manufacturers globally that we're using. And I think our organization and our Consultants feel like they never had more tools than they have right now. And we still have a lot of work to do to go forward as you know in our overall implementation. So we got momentum and we're going to continue to build on it.

绝对。 我们已经 - 我们的很多计划都开始实现,而且我们的顾问每天都能更轻松地做到最好。 所以我们已经完成的产品数量非常好。 我们已经获得了一些新的功能,我们正在使用全球新的制造商。 而且我认为我们的组织和顾问觉得他们从未拥有过比现在更多的工具。 正如您在整体实施中所知,我们仍有许多工作要做。 所以我们获得了动力,我们将继续以此为基础。

Geoff Kwan

Okay. Thanks for that. And just my other question was for Barry. So I missed all the numbers you were talking about, when you're talking about kind of the institutional and other line on the net sales. Was -- did the announcement from IG the MD management's changes that they made was that the $200 million that you were referencing? I'm just trying to get a sense as to the puts and takes on the net sales in the pipeline and ultimately to your comments on the revenue impact.

好的。 感谢那。 而我的另一个问题是巴里。 所以当你谈论净销售的机构和其他方面时,我错过了你所谈论的所有数字。 是 - 来自IG的公告MD管理层的变化是他们提到的2亿美元吗? 我只是想了解一下看跌期权并接受管道中的净销售,并最终得到您对收入影响的评论。

卢克古尔德

Actually, it's Luke. I'll take that one Jeff. So I think Barry identified that as it was previously announced there was a change at MD. So Mackenzie is losing -- or has lost now in July $1.2 billion. The revenue impact is de minimis and think $1 million a year given the nature of the mandates and what that business was. And Barry also highlighted that $500 million in wins in the institutional business that have been won and we'll be funding over the coming months. And I think Barry you identified as three clients and three geographies and a couple of our boutiques who won it.

实际上,这是卢克。 我会拿那个杰夫。 所以我认为Barry认为,正如之前所宣布的那样,MD有所改变。 所以Mackenzie正在失败 - 或者现在在7月失去了12亿美元。 考虑到任务的性质以及该业务的内容,收入影响是微不足道的,并且每年认为100万美元。 巴里还强调,已赢得5亿美元的机构业务,并且我们将在未来几个月内获得资金。 我认为巴里你认定了三个客户和三个地理位置以及我们的几个精品店赢得了它。

Barry McInerney

Yes. Yes. It's actually pretty exciting. We're taking a very focused approach in selling our institutional products here in Canada and U.S. and Europe. And so we picked up a win in each country and different mandates too. So -- for our boutiques. So yes, that will nicely offset any reduction from the MD redemption which was expected.

是。 是。 这实际上非常令人兴奋。 我们在加拿大,美国和欧洲销售我们的机构产品时采取了非常集中的方法。 因此,我们在每个国家和不同的任务中获得了胜利。 所以 - 对于我们的精品店。 所以,是的,这将很好地抵消预期的MD赎回的任何减少。

Geoff Kwan

Okay. So I just want to make sure I've got that and I guess I had the wrong number. So July's numbers will see the $1.2 billion outflow, but it's only $1 million a year in revenues that you're picking up $500 million wins some time in the coming months. And then from a fee perspective were those -- what types of mandates should see a bit of a nice tick-up on the management fee line?

好的。 所以我只是想确保我有这个,我想我的号码错了。 因此,7月份的数字将会出现12亿美元的流出量,但是在未来几个月中,您将获得5亿美元的收入,每年只有100万美元的收入。 然后从费用的角度来看那些 - 什么类型的任务应该在管理费线上看到一点点好处?

杰夫卡尼

You got it right, Geoff. Yeah, the average fees on the new wins are higher than the assets that we lost. Yes.

你说对了,杰夫。 是的,新胜利的平均费用高于我们丢失的资产。 是。

Geoff Kwan

Okay. Perfect. Thank you very much.

好的。 完善。 非常感谢你。

会议主持员

We'll take our next question from Graham Ryding with TD Securities. Please go ahead.

我们将接受格雷厄姆莱丁与道明证券的下一个问题。 请继续。

Graham Ryding

Hi. Good afternoon. Maybe I could start with IG. Just an update, you know that the tax expanding initiatives, just an update maybe on where you're at with some of those key projects and what's coming through.

你好。 下午好。 也许我可以从IG开始。 只是一个更新,你知道税收扩张计划,只是一个更新可能是你在一些关键项目和正在发生的事情。

杰夫卡尼

Yeah. We're coming through. It's been great projects. So, we've got digital capture, that's already happened. We've got a number of initiatives coming out shortly. We're working very closely on our Salesforce launch, which will give our Consultants a digital experience for them. And it's going to create -- drive productivity. So, those are all in-flight and will start having impacts in this couple next quarters.

是啊。 我们正在经历。 这是伟大的项目。 所以,我们已经有数字捕获,这已经发生了。 我们很快就会提出一系列措施。 我们正在密切关注Salesforce的推出,这将为我们的顾问提供数字化体验。 它将创造 - 提高生产力。 因此,这些都在飞行中,并将在下一季度开始对这对夫妇产生影响。

Graham Ryding

Okay. Got it. And then sticking with IG, it looks like the gross sales are actually sort of matching last year's level, which is probably not that bad given the volatility we saw come out the end of last year. But it's actually more of a redemption. So, I was just wondering if you could give any color on why gross sales are holding in but why redemptions are picking up at IG.

好的。 得到它了。 然后坚持使用IG,看起来总销售额实际上与去年的水平相当,鉴于我们在去年年底看到的波动性,这可能并不那么糟糕。 但它实际上更像是一种救赎。 所以,我只是想知道你是否可以给出为什么总销售额持有的任何颜色,但为什么赎回在IG上升。

杰夫卡尼

We just went through the volatility that everybody else did. It hit us a little bit harder, but we're back where we were. So it was just a little bit of a blip. But we're in good shape. And we've got a number -- we have more Consultants having programs in their own areas that we've never seen before. So there's a lot of activity in the field. They're very energized. They've got new tools to work with, and they're feeling good. So I expect that we'll continue to see significant growth.
And then see the 14% increase in sales for high net worth, I think it's starting to show that segment that we really want to win in a long time and is starting to have its fruition and we can't wait to see that grow going forward. And that's without all the other capabilities that we're going to be bringing to them. So, lots of good momentum, lots of energy in the field. They're feeling good.

我们刚刚经历了其他人所做的波动。 它让我们更加努力,但我们回到了原来的位置。 所以这只是一点点昙花一现。 但我们状态良好。 我们有一个数字 - 我们有更多的顾问在他们自己的领域有我们从未见过的项目。 所以这个领域有很多活动。 他们非常精力充沛。 他们有新的工具可以使用,他们感觉很好。 所以我希望我们会继续看到显着的增长。

然后看到高净值的销售增长了14%,我认为它开始显示我们真的想在很长一段时间内赢得并且开始取得成果的细分市场,我们迫不及待地想看到这种增长趋势 向前。 而且没有我们将要带给他们的所有其他功能。 因此,很多良好的动力,在该领域的大量能源。 他们感觉很好。

卢克古尔德

I think Jeff, so we saw the improving investor confidence in the industry in June and that's continued in July. So the sales story is good. It's been stable. And Consultant productivity is actually up by 10% from last year in Q2. So we've seen them enter the field. But now redemptions we saw that stabilized in June for IG, and we saw it stabilized for the industry. And with the highlight for July, that's continued and has been more favorable. We do have positive net sales in July for IG and are announcing that too. So we're seeing the trajectory turn the other way.

我认为杰夫,所以我们看到6月份投资者对该行业的信心有所改善,并且在7月份持续增长。 所以销售情况很好。 它一直很稳定。 顾问的生产率实际上比去年第二季度提高了10%。 所以我们看到他们进入了这个领域。 但是现在赎回我们在6月看到了IG的稳定,我们看到它已经稳定了行业。 随着七月的亮点,这种情况持续下去并且更加有利。 我们确实在7月份对IG有正的净销售额,并且也宣布了这一点。 所以我们看到轨迹转向另一个方向。

Graham Ryding

Okay. That’s good color. Thank you.

好的。 这是好的颜色。 谢谢。

会议主持员

We'll take our next question from Tom MacKinnon with BMO Capital Markets.

我们将接受Tom MacKinnon与BMO Capital Markets的下一个问题。

Tom MacKinnon

Yeah. Thanks very much. Good afternoon. A question for Barry, on slide 21 when you outlined these ETF net creations, generally, we've never seen anything below the line here, and now we've got some of that in the second quarter. Do you think this is becoming a trend now? People just recycling through ETFs rather than just kind of always adding to them? Or is it -- or is this some -- is this just sort of a blip that happened this quarter? Just trying to think what's your -- what you see going forward with respect to the strategy on the second quarter.

是啊。 非常感谢。 下午好。 对Barry提出的一个问题,当你概述这些ETF净创造时,在第21栏中,我们从未见过这里的任何东西,现在我们已经在第二季度得到了一些。 你觉得这现在正成为一种趋势吗? 人们只是通过ETF进行回收,而不仅仅是总是加入它们? 或者它 - 或者这是否 - 这只是本季度发生的一点点? 试着想一下你的看法 - 你对第二季度战略的看法。

Barry McInerney

Yeah. No, it's a good question, Tom. It's the latter so blip. So we -- you see we've had good flows. Maybe just looking at this year we got flows in Q1 and Q2. Actually the flows were fine, but we -- now we're getting to a certain size that we -- sometimes the advisors are rebalancing just from an allocation perspective. And so, that might rebound out of an ETF we have and into an asset class that we don't have an ETF.
So, that was -- it probably goes. We're getting -- it would be bigger and have more and more clients. So you'll -- not a trend at all. And you'll see the July numbers obviously you think just reversed back very, very strongly. So we're very keen on ETF. The industry is growing, we're gaining market share. We started to launch a new one. Now we want to take a little bit of a breather and build up more scale in our existing ETFs that we launched in our emerging market last week with hedge, and we have more coming rest of the year. So, we're really excited in getting some more flows. Obviously retail is doing well for us. We're getting some institutional wins that you'll be hearing over the next coming months. But that's a fair question. Thank you.

是啊。不,这是一个很好的问题,汤姆。这是后者如此昙花一现。所以我们 - 你看我们有很好的流量。也许只看今年我们在第一季度和第二季度获得了流量。实际上流量很好,但是我们 - 现在我们达到了一定的规模,我们 - 有时顾问们只是从分配角度进行再平衡。因此,这可能从我们拥有的ETF反弹并进入我们没有ETF的资产类别。

所以,那是 - 它可能会发生。我们得到了 - 它会更大,拥有越来越多的客户。所以你 - 根本不是一个趋势。而且你会看到7月的数字显然你认为只是非常非常强烈地反转。所以我们非常热衷于ETF。行业在增长,我们正在获得市场份额。我们开始推出一个新的。现在,我们希望稍微休息一下,并在我们上周在新兴市场推出的现有ETF中建立更多的规模,并且我们有更多即将到来的剩余时间。所以,我们真的很兴奋获得更多的流量。零售业显然对我们有利。我们将获得一些您将在未来几个月内听到的机构胜利。但这是一个公平的问题。谢谢。

Tom MacKinnon

Okay. Thanks.

好的。 谢谢。

会议主持员

[Operator Instructions] We'll take our next question from Scott Chan with Canaccord Genuity. Please go ahead.

[操作员说明]我们将接受来自Scott Chan和Canaccord Genuity的下一个问题。 请继续。

Scott Chan

Good afternoon. Jeff, you talked about like Investors Group and their capabilities a couple of times. And maybe can you just kind of expand on that? And you talked about new mandates and kind of what's going on, and some of the progression that you've kind of made year-to-date on that and maybe what to expect over the next several quarters.

下午好。 杰夫,你曾经多次谈过投资者集团和他们的能力。 也许你可以扩展一下吗? 而且你谈到了新的任务和正在发生的事情,以及你今年迄今为止所取得的一些进展,以及未来几个季度的预期。

杰夫卡尼

Can't hear that very well, could you repeat that?

听不清楚,你能再说一遍吗?

Scott Chan

So you talked about IG's new capabilities a few times. And I was just wondering if you could expand on that. You also talked about new mandates. Obviously lots going on, probably internally that we don't see. And perhaps just an update what's going on recently and it'll perhaps over the next several quarters what to expect?

所以你几次谈到IG的新功能。 而我只是想知道你是否可以扩展它。 你还谈到了新的任务。 显然有很多事情发生,可能是内部我们看不到的。 也许只是更新最近发生的事情,未来几个季度可能会发生什么?

杰夫卡尼

Yeah. I mean, we've been doing a lot on the product side, as I mentioned working with some new partners to build out and give their clients more breadth of opportunities and help Consultants with some really talented capabilities. So we've been working with large organizations and as they're now into the products and that they are available to the Consultants. And so we'll see that to grow once we go forward and make sure that they are armed with the best possible skills and talents in the world. And so we work with the global firms and obviously with Mackenzie and others. But we've got a shelf that's becoming very competitive and really energizing the Consultants.

是啊。 我的意思是,我们在产品方面做了很多工作,因为我提到与一些新合作伙伴合作建立并为客户提供更多广泛的机会,并帮助顾问提供一些非常有才能的能力。 因此,我们一直在与大型组织合作,因为他们现在已经进入了产品,并且可供顾问使用。 因此,一旦我们前进并确保他们拥有世界上最好的技能和才能,我们就会看到成长。 因此,我们与全球公司合作,显然与Mackenzie和其他公司合作。 但我们的架子变得非常具有竞争力,并且真正为顾问注入活力。

Scott Chan

Okay. Great. And just Barry just on liquid alternatives. I kind of looked at the U.S. stat that you guys kind of cited. Obviously, it's grown to $700 billion. You guys were at 1.1. Do you know how big the industry is in Canada? I know it's relatively new. And just trying to get a perspective on kind of where Mackenzie sits relative to the industry right now if you have that?

好的。 大。 而巴里只是在液体替代品上。 我有点看你们引用的美国统计数据。 显然,它已经增长到7000亿美元。 你们是1.1。 你知道这个行业在加拿大有多大吗? 我知道这是相对较新的。 如果你有这样的话,那就试着让人们了解Mackenzie现在对这个行业的看法?

Barry McInerney

Yeah. And it's interesting, if I can just make a comment on the U.S. and I'll get back to Canada in a moment. We need to – we want a part of the data ourselves versus the slide 22 on the left between the two types of liquid alternative offerings and so the liquid alternative strategies are what everyone's launching effective first of this year because the regulars allowing within the mutual funds, so those alternative strategies. Last time, we looked at – it's growing industry-wise quite well. I think it's – I don't think the numbers are precise maybe $4 billion or $5 billion or so maybe in terms of that industry that part of it. There's – we probably collected this industry need to measure like they have in the U.S. And Canada the other types of liquid alternatives listed infrastructure, REITS, commodities et cetera. So they're not launch register.
Shorting is more of the replicating in a list of fashion real assets that allow the ultra high net worth and the large institutional investors. So we don't have precise numbers on that. So – but we did want to highlight those two categories. As you can see, how they've grown considerably last 10 years in the U.S. And I was there when it was happening. And there are just really good diversified sources of return for the retail investors. And there obviously, liquid and daily value – not the direct investments, but these are again liquid alternatives. So probably good for us industry in Canada track both types. But the type that, we're most talking about are the new ones regulatory allowance of liquid alternative strategies. And we've seen some numbers probably $4 billion or so already. There is number of experts that felt that liquid alternatives could grow to $100 billion in Canada in short or roughly 10% of where the U.S. is. And that would be good for the industry good for the asset management industry. They're healthy fees and most importantly they're good for Canadians, because they really do offer nice diversified returns for portfolios.

是啊。有趣的是,如果我能对美国发表评论,我会马上回到加拿大。我们需要 - 我们自己想要一部分数据而不是两种类型的液体替代产品之间左侧的幻灯片22,因此液体替代策略是每个人今年首次启动的因为常规允许共同基金,那些替代策略。上一次,我们看到了 - 它在行业方面的发展非常好。我认为 - 我不认为数字可能精确到40亿美元或50亿美元左右,或许就这个行业而言。有 - 我们可能收集了这个行业需要像美国和加拿大那样测量其他类型的液体替代品,列出基础设施,REITS,商品等等。所以他们不是发射注册。

卖空更多的是在一系列时尚实物资产中复制,这些资产允许超高净值和大型机构投资者。所以我们没有准确的数字。所以 - 但我们确实想强调这两个类别。正如你所看到的,他们在美国的成长经历了近10年。当它发生时我就在那里。对于散户投资者来说,确实有很好的多元化回报来源。显然,流动性和日常价值 - 而不是直接投资,但这些也是流动的替代品。因此,加拿大的工业可能对这两种类型都有好处。但我们最常谈到的类型是液体替代策略的新监管限额。而且我们已经看到一些数字已经大约40亿美元左右。有许多专家认为,加拿大的液体替代品可能在短期内增长到1000亿美元,大约是美国的10%。这对行业有利于资产管理行业有利。他们是健康的费用,最重要的是他们对加拿大人有好处,因为他们确实为投资组合提供了很好的多元化回报。

Scott Chan

Great. That's very helpful. Thank you very much.

非常好。 这非常有帮助。 非常感谢你。

Barry McInerney

You’re welcome.

别客气。

会议主持员

We'll take our next question from Paul Holden with CIBC. Please go ahead.

我们将接受保罗霍顿与CIBC的下一个问题。 请继续。

保罗霍尔登

Thank you. Good afternoon. So maybe to just continue the discussion on liquid alt and including both types to start with, what extent are you using these products in your managed solutions? And I guess, both for Mackenzie and for IG product as well.

谢谢。 下午好。 那么也许只是继续关于液体alt的讨论,包括两种类型,你在托管解决方案中使用这些产品的程度如何? 我想,无论是Mackenzie还是IG产品。

Barry McInerney

Yeah. So it's a good question. So our current offering, I'll start with the liquid alternative asset classes. For Mackenzie that's just our MDAF, Mackenzie Diversified Alternatives Fund. We launched it four years or so ago. It's up to $650 million or pushing $700 million. It's going very, very nicely for us. That's really mostly a – just a completely external sale as opposed to being used in-house, because we have yet to develop component parts and that's something that we're looking at to see, if we have component parts of that. Then in the Mackenzie PMs we can use the components parts for exposure that they need.
Now on the liquid alternative strategies, our main offering there is MSARF we have a lot of acronyms here that's the Mackenzie Strategic Alternatives Return Fund, MSARF. That we also have launched earlier this year some of the sleeves of it. And so that is being used internally mostly by our multi-asset teams and is being sold externally too. So we get to the breakdown, but I just wanted to your point the alternative strategies are being used in-house externally the MDAF is principally an external sales products at this point. But we really – really excited about liquid alt, we think good for Canadians. We are going to continue to manufacture more of them, both categories and we think – they’ve got – to start with nice 5% to 10% allocation to your portfolio, I mean some of the as we know these are liquid not direct. But if you look at some of the prominent’s and preeminent pension plans in Canada, CPPIB to start with they are 30%, 40%, 50%. So again, we could see these trends occurring with portfolios for retailer investors having – starting to have an allocation to these types of strategies.

是啊。所以这是一个很好的问题。所以我们目前的产品,我将从流动的替代资产类别开始。对于Mackenzie来说,这只是我们的MDAF,Mackenzie Diversified Alternatives Fund。我们大约四年前推出了它。它高达6.5亿美元或推动7亿美元。这对我们来说非常非常好。这主要是一个 - 只是一个完全外部的销售,而不是在内部使用,因为我们还没有开发组件,这是我们正在寻找的东西,如果我们有组成部分。然后在Mackenzie PM中,我们可以使用它们所需的组件部件进行曝光。

现在关于流动的替代策略,我们的主要产品是MSARF,我们在这里有许多缩略语,即Mackenzie Strategic Alternatives Return Fund,MSARF。我们今年早些时候也推出了一些袖子。因此,我们的多资产团队主要在内部使用,并且也在外部销售。所以我们得出了细分,但我只想说你的内部使用替代策略,MDAF主要是外部销售产品。但我们真的 - 对液体alt非常兴奋,我们认为对加拿大人有好处。我们将继续制造更多的这两个类别,我们认为 - 他们已经 - 开始为您的投资组合提供5%到10%的好分配,我的意思是我们知道这些是流动的而不是直接的。但如果你看一下加拿大的一些着名和卓越的养老金计划,CPPIB首先要分别为30%,40%,50%。因此,我们可以看到这些趋势发生在零售商投资者的投资组合中 - 开始分配这些类型的策略。

保罗霍尔登

And just to what extent are they being used today within the IG platform if at all?

如果有的话,他们今天在IG平台上使用的程度如何呢?

Barry McInerney

Yeah. There is none – none of the Mackenzie EL through the funds are helped by IG funds extremely.

是啊。 没有 - 通过基金的Mackenzie EL都没有得到IG基金的极大帮助。

保罗霍尔登

Did you guy's changes in the point to – at some point, because there is point asset allocation and efficient fund here, what argue that managed solutions which are used extensively in the IG side of the business, would benefit from 5% to 10% allocation to uncorrelated assets such as alternative strategy. So it seems like it's an easy win-win for the company and for investors?

在某些时候,由于存在点资产分配和有效资金,你是否有人的变化?有人认为在IG业务中广泛使用的托管解决方案将受益于5%到10%的分配 不相关的资产,如替代战略。 对公司和投资者来说,这似乎是一个轻松的双赢?

杰夫卡尼

I can comment on that, it's Jeff Carney. I was actually Mackenzie – partner when we launched the absolute return funds there and it was early days. We'll be looking at these products as well. It's just how we use solutions. And so, we are in complement with other products. And it's just demand and it's really timing.

我可以评论一下,这是Jeff Carney。 我实际上是Mackenzie - 我们在那里推出绝对回报基金的合作伙伴,这是早期的。 我们也会关注这些产品。 这就是我们如何使用解决方案。 因此,我们与其他产品相辅相成。 这只是需求,而且确实是时机。

保罗霍尔登

Okay. Got it, other line of questioning, one of the sources of institutional sales from Mackenzie was in Europe. So, I think that's maybe one of the first times. I've heard about European sales for Mackenzie.
So maybe any kind of color you can give us on, the size of that business today whether it's significant or not. And if that's maybe, somewhere where, you push harder to grow in the future.

好的。 得到它,其他问题,Mackenzie的机构销售来源之一是在欧洲。 所以,我认为这可能是第一次。 我听说过Mackenzie的欧洲销售。

所以也许你可以给我们任何一种颜色,今天的业务规模是否重要。 如果可能的话,在某个地方,你将来会更加努力地发展。

Barry McInerney

Yeah. So it's our second major win. But it has been a couple of years since we won a large mandate for a pension plan here. This one is more of an investment outsourcing platform a global platform, where the client PM overseeing that particular strategy for this client, is located in London.
So, it's the strategies emerging market equities. So it's nice margins to it. And what happens and allow these platforms as you're probably familiar once they get comfortable with one of your strategies. So we're having dialogues now with them for other of our strategies because they like to have multiple strategies for asset managers as they get to know us.
So, we're trying to be very selective. Because we identify those strategies that we have on the retail side run by our 14 boutiques in Mackenzie that are our institutional quality -- interest institutional investors, so a handful of -- may vary by the way by regions.
So those that we -- vary from the U.S. and vary from Europe, but we're getting pipelines growing we're getting finals and we picked up three wins. So yeah, so you'll hear more wins in each of the geographies.
But surprisingly, the wins have been -- that we have are spread out between the three geographies. So right now, we're -- that win -- the recent win puts us at about $800 million in institutional AUM in Europe so. And then, we've got growing presence in U.S. and here in Canada.

是啊。所以这是我们的第二次重大胜利。但是,自从我们在这里赢得养老金计划的大量授权以来已经过去了几年。这个更像是一个投资外包平台,一个全球平台,负责监督该客户特定战略的客户PM位于伦敦。

因此,它是新兴市场股票的策略。所以它的利润很好。会发生什么并允许这些平台,因为一旦他们对您的某个策略感到满意,您可能会熟悉这些平台。因此,我们现在正在与他们进行对话以实现其他策略,因为他们希望在他们了解我们时为资产经理制定多种策略。

所以,我们试图非常有选择性。因为我们确定了我们在Mackenzie的14家精品店经营的零售方面的战略,这些战略是我们的制度质量 - 利益机构投资者,所以少数 - 可能因地区而异。

所以那些我们 - 与美国不同,而且与欧洲不同,但我们正在增加管道,我们正在获得决赛,我们获得了三场胜利。所以是的,所以你会在每个地区听到更多的胜利。

但令人惊讶的是,胜利已经 - 我们已经分散在三个地区之间。所以现在,我们 - 那场胜利 - 最近的胜利让我们在欧洲的机构AUM中获得了大约8亿美元的奖金。然后,我们在美国和加拿大的存在越来越多。

保罗霍尔登

Got it. That's helpful. Thank you. Last question is, regarding non-commission expenses. So 2019, is supposed to be -- expected to be the last year, let's call it, above long-term run rate expense growth.
So expectation is down to 3%, I think long-term. So I just want to confirm that that's on track in terms of you completing, all of the additional project spend you expect in 2019.
And then also any kind of progress update that you can give us on, the work Mike Dibden's team has been doing to help find the expense efficiencies.

得到它了。 这很有帮助。 谢谢。 关于非佣金支出,最后一个问题是。 所以2019年应该是 - 预计将是最后一年,让我们称之为长期运行费用增长。

因此,我认为长期预期会降至3%。 因此,我只想确认您在完成所需的所有额外项目开支方面是否正常。

此外,您还可以向我们提供任何类型的进度更新,Mike Dibden的团队一直在努力帮助您找到提高效率的工作。

杰夫卡尼

Yeah. It's been a long journey. Hard work to get to this place where we're at absolutely committed to the 3% in 2020 and we'll see where we go from there. We got a lot of work that Mike Dibden's been working on and he's busy doing that. And we're starting to see the fruit of his work.
And that will help starting having impacts on our value proposition and that will drive our -- increase revenue as we go forward. So we're -- we feel like we're in a very good place. And the most important thing is our Consultants are really excited about all these new tools that are coming to them. And they're starting to see it. And they're feeling positive in that direction.

是啊。 这是一段漫长的旅程。 努力到达这个我们绝对致力于2020年3%的地方,我们将看到我们从哪里开始。 我们得到了很多Mike Dibden一直在努力的工作,他正在忙着这样做。 我们开始看到他工作的成果。

这将有助于开始影响我们的价值主张,这将推动我们 - 随着我们前进而增加收入。 所以我们 - 我们觉得我们处在一个非常好的地方。 最重要的是我们的顾问对所有这些新工具感到非常兴奋。 他们开始看到它了。 他们在这方面感到积极。

保罗霍尔登

Okay, great. That's all the questions that I had. Thank you.

好,太棒了。 这就是我所有的问题。 谢谢。

会议主持员

That concludes today's question-and-answer session. Mr. Potter at this time, I will turn the conference back to you for your closing remarks.

这就是今天的问答环节。 波特先生此时,我将把会议转回给你,收到你的结束语。

基思波特

Yeah thank you Patrick. And thank you for those attending the call. I hope you enjoy the upcoming long weekend. And with that, we'll end the call.

是的,谢谢Patrick。 谢谢那些参加电话会议的人。 我希望你喜欢即将到来的长周末。 有了这个,我们将结束通话。

会议主持员

The conference has now ended. Thank you for your participation. You may now disconnect.

会议现已结束。 感谢您的参与。 您现在可以断开连接。

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