Q: Hi Peter, what's ailing IGM lately ? Back to 2014 valuation. Any interest ? Thank you.
5i Research Answer:
IGM is now down 16% for the year, getting hit along with other financials with concerns on rates/recession/war and so on. It is now 8X earnings. It continues to see outflows on its wealth and asset management franchises (in addition to market-related declines). Client de-risking has also shifted its asset base to lower margin businesses. It has about a 2% growth target. Hardly exciting, but of course it is still some growth (maybe not with inflation, though).