IGM Financial Inc. has reported a notable increase in its adjusted net earnings for the first quarter of 2025, reaching $237.8 million, a 5.9% rise from the same period last year. This growth is attributed to an impressive 9.1% increase in assets under management and advisement, which now total $275 billion. James O’Sullivan, the company’s president and CEO, emphasized that this uptick stems from the strong performance of both its wealth management and asset management divisions.
Particularly, IG Wealth Management saw its assets under advisement (AUA) climb to $141.5 billion for the quarter, marking a 10.6% increase compared to the first quarter of 2024 and a 0.8% rise from the last quarter of 2024. The firm also reported record gross client inflows totaling $4.2 billion, which is a 12.6% increase from the previous year.
During the company’s Annual General Meeting (AGM) on May 9, 2025, O’Sullivan highlighted the significant growth in high net worth client assets under advisement, which surged to $62 billion, reflecting a remarkable 35% increase year-over-year. This growth is particularly notable given the competitive nature of the wealth management sector.
In terms of revenue, IG Wealth Management generated $639.5 million, up from $582.6 million in the first quarter of 2024. However, the firm reported a decrease in the number of advisor practices, which fell to 1,631 from 1,677 at the end of the first quarter of the previous year. The total advisor network now stands at 3,150, down slightly from 3,163 a year earlier, indicating a potential challenge in advisor retention.
Meanwhile, Mackenzie Investments, part of IGM Financial’s asset management business, reported total assets under management (AUM) of $218.6 billion, up 7.3% from the same quarter last year and up 2.5% from the last quarter of 2024. The investment fund sector also showed signs of recovery, with net redemptions falling to $85 million, a significant decrease from $194 million a year ago. Mutual fund gross sales increased by 11.9% to $2.6 billion, while ETF assets under management grew to $17 billion, up from $13.8 billion in Q1 2024.
Revenues from IGM Financial’s asset management segment rose to $257.9 million, an increase from $241.9 million a year earlier. Adjusted net earnings available to common shareholders from this segment also saw a slight rise, totaling $86.5 million, which represents 36.4% of IGM’s overall adjusted net earnings.
In another development, MCAN Mortgage Corporation, operating as MCAN Financial Group, announced the results of its 2025 Annual and Special Meeting of Shareholders held on May 8, 2025. All director nominees were elected to serve until the next annual meeting, with Bonnie Agostinho receiving 14,030,580 votes in favor, representing 98.91% of the votes cast.
The other elected directors included Brian W. Chu, who received 14,107,515 votes (99.46%); John E. Coke with 14,046,651 votes (99.03%); Glenn Doré at 14,065,336 votes (99.16%); Philip C. Gillin with 14,107,497 votes (98.98%); Karen L. Martin at 13,973,667 votes (99.06%); Gaelen J. Morphet with 14,059,135 votes (99.12%); and Derek G. Sutherland receiving 14,102,049 votes (99.42%).
MCAN Mortgage Corporation is recognized as the largest mortgage investment corporation (MIC) in Canada and is the only federally regulated MIC that issues term deposits eligible for Canada Deposit Insurance Corporation deposit insurance. The company focuses on generating a reliable income stream by investing in a diversified portfolio of Canadian mortgages, including residential and commercial loans.
Lastly, Protalix BioTherapeutics, Inc., based in Carmiel, Israel, reported its financial results for the first quarter ended March 31, 2025. The company achieved revenues from selling goods of $10.0 million, a staggering 170% increase from $3.7 million during the same quarter in 2024. This revenue boost is largely attributed to a $5.9 million rise in sales to Pfizer Inc. and an additional $0.4 million increase in sales to Fundação Oswaldo Cruz in Brazil.
In terms of expenses, Protalix recorded a cost of goods sold of $8.2 million, reflecting a 215% increase from the previous year. Research and development expenses totaled approximately $3.5 million, indicating a 21% rise compared to $2.9 million in the same quarter of 2024. This increase is primarily due to advancements in their clinical pipeline.
The company also reported a net loss of approximately $3.6 million, or $0.05 per share, for the quarter, compared to a loss of $4.6 million, or $0.06 per share, in the same quarter of the previous year. Protalix plans to initiate a Phase II clinical trial for its gout candidate, PRX-115, later this year, building on the promising results from its first-in-human study completed in 2024.
Protalix continues to evaluate additional pipeline candidates for potential development, including PRX-119 and various early-stage clinical assets. As the company moves forward, it remains focused on its mission to develop and commercialize recombinant therapeutic proteins using its proprietary ProCellEx® plant cell-based protein expression system.
These developments across IGM Financial, MCAN Mortgage Corporation, and Protalix BioTherapeutics highlight a dynamic landscape in the financial and biopharmaceutical sectors, showcasing growth, strategic leadership changes, and ongoing innovation in product development.
