Hey there, time traveller!
This article was published 3/5/2013 (1183 days ago), so information in it may no longer be current.
Following in the footsteps of Great-West Lifeco, its sister company, IGM Financial Inc., made a significant senior executive move of its own at its annual general meeting in Winnipeg on Friday.
The company has named Jeffrey Carney as co-president and CEO of IGM Financial and president and CEO of Mackenzie Inc., its Toronto-based fund company, replacing Charlie Sims.
(Carney is no relation to Mark Carney, the out-going governor of the Bank of Canada.)
It was the second day in a row of senior-management moves by Winnipeg financial institutions controlled by Power Financial Corp. On Thursday, Great-West Lifeco appointed a new CEO and board chairman.
Carney is a 25-year veteran in the investment-management and banking industries. He was most recently the president of retail banking at Charles Schwab Corp. and before that he was the global head of marketing at Putnam Investments since 2008.
Putnam is owned by Great-West Lifeco.
Sims is to take a position at Power Financial.
Murray Taylor, the Winnipeg-based CEO of Investors Group and the other co-president and CEO of IGM Financial, said the move was made for strategic reasons to take advantage of the strength Mackenzie has built up over time.
"This is a new chapter for Charlie and a new chapter for Jeff," Taylor said. "It's wonderful to be able to use the talent in this way."
While IGM reported slight declines across the board in its first-quarter results released Friday, Taylor said the renewed stability and strength in global equity markets bodes well for IGM's sprawling mutual fund networks that include Investors Group, Mackenzie funds and Investment Planning Counsel.
He said investors across the board saw good returns in the fourth quarter and then again in their first-quarter summaries.
"They have opened up their statements this quarter and saw another three per cent increase -- which was the median return for Investors Group clients -- and that is reinforcing the message (that some stability is returning to the markets) after years and years of confusion caused by the financial crisis," Taylor said. "We will always have volatility; we don't suggest that will go away, but the current trend is causing people to think more naturally and normally about the kind of returns they can expect."
While investors' returns are looking better, IGM's own results were off slightly in the first quarter.
Net earnings were down 9.2 per cent compared with the same period last year to $180.5 million.
Revenue for the quarter was $652.7 million, down three per cent. Total assets under management were up slightly to $125.8 billion from $124.1 billion on March 31, 2012.
IGM's shares were up 88 cents on Friday to $46.20, close to its 52-week high of $46.46.