CEO James O’Sullivan says IGM’s interest in alternative assets will help drive additional growth as it provides options outside traditional markets
chief executive officer James O’Sullivan remains cautious for 2023 after a year in which asset managers had to battle rocky equity markets that affected several asset classes simultaneously, dragging down revenue.
Mr. O’Sullivan said while it was “a tough year for both clients and advisers,” with “unusual markets” affecting company earnings, he was proud of how quickly his team was able to pivot to help stem deeper losses., we really trimmed our sails and looked at the potential decline in revenue,” Mr. O’Sullivan said in an interview. “We said we have to run our business a bit different here – and right away we looked to cut the things we can control, such as expenses.
“Clearly that reflects the higher rates available on cash but more importantly, there’s a hesitation out there among investors,” he added. “But we’re all starting to see light at the end of a dark tunnel. I think certainly in Canada, we may have seen peak inflation, I hope we’ve seen peak policy rates and I think we’re starting to see bond markets settle down. Those are all necessary preconditions for a better investing environment.
Canaccord Genuity analyst Scott Chan said in a research note that he expects sales at Mackenzie to increase in 2023 with funds “improving relative performance and strength in key product categories, such as sustainability, dividend income, Canadian equities and income-oriented funds.” Northleaf, in which IGM has a 56-per-cent ownership stake, provides retail clients access to alternative investments, such as infrastructure and private credit.
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