Thank you for standing by. This is the conference operator. Welcome to today's special call hosted by IGM Financial. As a reminder, participants are in listen-only mode and this call is being recorded. This presentation will be an opportunity to ask questions. If you're in the conference queue, you may press star one if you would like to ask a question. Should you need assistance during the conference call, you may signal an operator by pressing star zero. I would now like to turn the conference over to Keith Potter, Senior Vice President. Please go ahead. Good morning, everyone. Happy New Year, and thank you for joining the call this morning. We are very pleased to be hosting this special call on Mackenzie Investments' acquisition of Power Corporation of Canada's 13.9% interest in ChinaAMC. Joining me on the call today are James O'Sullivan, President and CEO of IGM Financial; 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 slide two on our cautions concerning forward-looking statements and notes on the non-IFRS financial measures used in this material. With that brief introduction, I will now turn it over to James O'Sullivan. All right. Well, good morning, everyone. By this time, I'm sure you've seen and read the press release announcing that IGM has entered into an agreement with Power Corp to acquire its 13.9% interest in ChinaAMC. As part of the transaction, IGM will be selling a portion of its 4% interest in Great-West Lifeco to Power. We believe this is the single best opportunity in front of us, an opportunity to accelerate our growth profile over the medium to long term. I'd like to draw your attention, if I may, to several highlights. First, it provides IGM with a unique, attractive, and sizable contribution from the asset management industry in China. This through the number two participant in the industry who holds the lead, the number one brand in the country. Second, it reinforces relationships and business opportunities between Mackenzie and ChinaAMC. This is Mackenzie builds truly global, fully diversified, and truly differentiated solutions for advisors and clients. Third, the transaction simplifies the group's overall structure and it concentrates the China AMC position in IGM. We believe this will drive better value recognition over time and higher growth for IGM. On a similar note, this transaction provides an opportunity to redeploy some of our investment in Great-West Lifeco towards an investment that aligns with our overall strategy. Finally, we have said several times over the past year that the path to a higher share price for IGM is through higher earnings. The financial benefits from increasing our ownership stake, I think, are clear here, and we expect this acquisition to be achieved immediately. With that, I'll turn it over to Barry. Thank you, James. Good morning, everyone, and happy New Year. Let's just hear the next few slides as a reminder on the incredible growth potential of the China investment management industry, China AMC, and Mackenzie's opportunity. Slide four highlights the historical strong asset growth of the mutual fund industry in China that has experienced a compound annual growth rate of 40% for long-term funds over the past three years. Importantly, over two-thirds of this growth has been driven by significant industry net sales over the last three years, supported by a high savings rate of 45% in China. Based on our assessment, supported by other industry observers, we expect the strong growth to continue over the long term for a variety of reasons you can see listed on the slide. Key highlights include continued high household savings rate, a commitment by the Chinese government to grow the prosperity of the middle class, and a strong commitment to reform the retirement system to build out a three-pillar system. The first pillar, the national social security system, is well in place and established as we have in Canada. The second pillar, the corporate retirement system, is also well established and growing fast, again, similar to what we have in Canada. And the third pillar, the individual retirement accounts, our RRSPs in Canada, are in nascent form, in pilot form, and the government is fully committed, the Chinese government, to support all three pillars, which should be a further accelerant for strong growth for the asset management industry for decades to come. We provided a few industry AUM growth forecasts for reference to give you a sense of the growth potential of the Chinese asset management industry over the next decade. Turning to slide five, it highlights the strong AUM growth of ChinaAMC and their share of long-term mutual funds. ChinaAMC is a leader in China and arguably the most diversified asset manager in the country in terms of its facilities, asset classes, product structures, and clients. The company has over 250 investment professionals with deep expertise in equities, fixed income, multi-asset, smart beta, risk parity, and money markets. They're also a leader in ESG investing in China and were the first Chinese company to launch an offshore ESG fund in Europe. ChinaAMC offers a variety of product structures, including ETFs, mutual funds, and separate accounts, to service a broad range of clients, including retail investors and a broad range of institutional clients, such as pension funds, national social security funds, and corporate annuities. These attributes contribute to ChinaAMC being ranked number one asset manager brand in China, according to a Broadridge study that surveyed 1,200 decision makers across the globe. One of the key areas of profitable growth for ChinaAMC in the industry has been the emergence of investor interest in long-term funds, with growth over the past year of 40%. With our initial investment back in 2017, we saw this as a key growth catalyst for the future, and we have seen it develop in recent years and expect it to continue. We also expect ChinaAMC to maintain a leadership position with institutional investors, where they currently have 75,000 institutional clients. When combined with its retail strength, with over 184 million retail investors, ChinaAMC is one of the most consistent and well-established asset managers in China. At Slide six, as James mentioned, our increased investment in ChinaAMC further supports Mackenzie to build their global, fully diversified, differentiated solutions for our retail and institutional clients. In Canada, Mackenzie is offering unique equity, income, and multi-asset solutions to Canadian retail investors sub-advised by ChinaAMC. With our strong relationship with ChinaAMC, we position Mackenzie as a thought leader on investing in China and how to incorporate Chinese assets into client portfolios. We also believe the increased investment in the Chinese market will strengthen distribution opportunities for Mackenzie in China as we demonstrate a stronger commitment to the market and become recognized as one of the leading foreign investors in the Chinese asset management industry. We, Mackenzie, now sub-advise CAD 750 million of AUM for ChinaAMC in China, and ChinaAMC sub-advises CAD 285 million of Mackenzie and IG Wealth. We look forward to growing these relationships as we move forward. I'll now turn it over to Luke. Okay. Thanks, Barry. Good morning, everybody. I'm going to just give a few quick comments. You'll see this slide summarizes the transaction terms as well as some of the outcomes. At the top left, I'll just highlight, as James indicated, this CAD 1.15 billion purchase price for the 13.9% stake in ChinaAMC we've purchased is being funded half with excess capital and half with the sale of Great-West Lifeco shares to Power. A few comments on this. First, the transactions expected to close in the first half of 2022, most likely in the second quarter. The share price on the Great-West Lifeco shares is CAD 37.83, reflects the five-day volume-weighted average price at the end of yesterday. Our ownership of Great-West Lifeco declines to 2.4% from 4%, and our remaining stake is worth about CAD 875 million. I'd also highlight that as a result of tax planning done in the past, the shares on Great-West Lifeco being sold had a high cost base, so the capital gains tax is only about CAD 6 million. I'd also highlight that our accounting for this investment won't be changing. We do have to be accounting for this. I'd also highlight that we'll report the gain on the sale upon the close of the Great-West Lifeco share sale, so about CAD 140 million after tax. You'll see in the third point on the left that a special committee of two independent directors was established as this was a related party transaction with our parent company. You'll see the committee retained RBC as financial advisor, and the fairness opinion was provided. At the bottom left, you'll see a chart illustrating that the transactions expected to decrease from inception to our earnings, and you can see the first-year earnings accretion of about CAD 9 million and growing. I'd note just two things. First, reported earnings and cash earnings will be roughly the same in terms of accretion. And second, if you look at the 14% compounding growth rate in ChinaAMC's earnings, we believe this growth is projected as conservative. On the right, you can see the current and pro forma ownership of ChinaAMC. I'd remind everyone that our partner is CITIC Securities, who is the controlling shareholder, and we have a strong minority position with almost 30%. You'll remember that the Power Group has worked with the CITIC Group for over three decades. Also in the bottom right, we've reminded that CITIC Securities is the largest securities dealer in China, and its sister company, CITIC Bank, is among the largest banks in China and is one of the largest distributors of mutual funds in the country. I'd also highlight there is one other shareholder who holds 10%, and I just note for you this is not a strategic investor. It's a private equity fund managed by Guolian Capital. If you look at page eight, you can see on the left we've highlighted the quarterly and annual earnings trends of China AMC. On the right, we illustrate PE multiple on a few bases. Given that earnings have been increased at a healthy rate, so there's a number of different periods that can be considered. In the gray stack right in the middle, it's a reminder that when we acquired our existing 13.9% stake, it was done at a multiple of 17.5x the next 12-month earnings. I'd note this was an arm's length transaction in a competitive process, and as we sit here today, we have nothing that would indicate that this multiple is not an appropriate indicator of value right here and now. On the right in blue, you can see that our CAD 1.15 billion purchase price equates to, after PE multiples, for a number of different time periods of earnings, and you can see the dotted line is kind of right in the middle of those notes or those points. I'd also note in the third box right above the chart, the box to the right, we've highlighted for you that if you applied the 17.5x entry multiple that we had in 2017 to analyst consensus earnings estimates for 2022, it implies a value for our pro forma stake of 27.8% of about CAD 2.66 billion. Going to page nine, here we've shown a before and after view of IGM Financial by segment and by underlying company. You can see right in the middle there's a ChinaAMC column, and you'll note that doubling our stake will increase ChinaAMC's share of IGM's earnings to about 20% from 6%. In the Great-West Lifeco column, I'd just note that you can see our pro forma remaining stake of 2.4% will be worth around CAD 835 million, and Great-West Lifeco pro forma will represent just 28% of IGM's earnings. On the right, we've highlighted or re-highlighted a few of the transaction objectives. One key one is obviously to incur some of the perks and to ensure greater consideration and appropriate consideration given to the ChinaAMC investment, which we expect to grow at a healthy rate over the long term. With this stake in a large part of IGM, our promise to you is that we'll continue to enhance our disclosures to help you understand ChinaAMC's performance and to understand the China financial services industry more broadly. We'd also highlight in point two that this transaction simplifies the IGM and Power work structure. And importantly, at the bottom, IGM will now provide among the leading exposures to the Chinese asset management industry through a publicly traded vehicle. There are no publicly listed asset managers in China, and so IGM is a really great place to get the exposure if you're looking for it. The last comment I make on this slide is to remind in the very bottom row that if one takes our current share price and uses a sum of the parts approach, reducing value for the strategic investments from our market cap, it implies the PE multiple of just under 8x earnings for each of IGM and Mackenzie. I'd note for you all these businesses are growing their earnings at a very healthy rate, and we see considerable value here and considerable upside in their share price. Before closing, I'd also highlight in the appendix, which includes three slides, we have additional information about ChinaAMC, about the Chinese mutual fund industry, and about Chinese demographics, which supports the development of a vibrant retirement system. That concludes my comments, so I'll let you read over to questions. We will now begin the question-answer session. To join the question queue, you may press star then one until complete. You'll hear a [audio distortion]. If you're using a speakerphone, please keep up your hands up because there will be another queue. So if you're in your question, please press star then two. We'll pause for a moment as the queue is joined in the queue. The first question comes from Nik Priebe from CIBC Capital Markets. Please go ahead. Okay. Thanks. Can you just remind us what the ownership limits might be for ChinaAMC? I'm just wondering whether there might be any restrictions or impediments that would prevent you from acquiring a larger interest in these businesses if, let's say, an opportunity arose to further consolidate ownership from other equity sponsors outside the Power Corp group of companies? Yeah. It's a few comments. One, there's no restriction on ownership. Foreigners can now hold, and they have been able to for a few years now, can now hold up to 100% of a Chinese asset manager. And I'd highlight that for us, we've stated clearly our intention to be a strong minority interest with a strong partner. We're pleased with our relationship with CITIC Securities and the partnership we have with them. And there wouldn't be anything precluding us from taking part of the other stake in ChinaAMC that is out there, which is 10% of the company. Okay. That's helpful. And then just one other point for me. So on the consideration being funded solely by excess cash in Great-West shares, can you maybe just help us understand, I guess, why you elected to use a component of cash instead of just a pure swap of Great-West shares? It just seems to me that investing in Great-West probably makes it a bit more sensible at the Power Corp level. But just in case we can hear your take on that. Yeah. I'll start, and then Luke will supplement. Look, I think very clearly we had some choices in front of us, and we had some optionality here. We had a strong surplus capital position. Very clearly, we have debt capacity, as you know. And then, of course, we had the Great-West Lifeco stake. And I think it made obvious sense to deploy much of our, not all, but much of our surplus capital position. And then that leads you to a choice of entering financing with better financing with our Great-West Lifeco stake. And one of the things we really wanted to accomplish with this transaction is to simplify the group structure. And so by using the Great-West Lifeco shares as currency, I think we've demonstrated simplification now in two regards. First, obviously, ChinaAMC now resides in one place, not two. Secondly, we're clearly signaling that we're prepared to redeploy the Great-West Lifeco stake for opportunities that are more on strategy, if you will. That was part of our thinking. The one other thing I would say is we are in an active M&A environment, and I just don't believe in using all of your cheapest capital in your first deal. What it tends to do is make subsequent deals look relatively less attractive. We've taken a bit of an 18-24-month perspective on this, and we still have surplus capacity. We have debt capacity. We have 22 million shares remaining in Great-West Lifeco. So we've got lots of opportunity, I think, to remain active in the M&A environment and continue to deploy capital as we're doing today. Okay. Makes sense. I'll pass the line. Thank you. The next question comes from Gary Ho from Desjardins Capital Markets. Please go ahead. Thanks, and good morning. Yeah. First question for James. So using CAD 575 million both of your unallocated capital, you still have kind of 2.4% of the Great-West Lifeco shares. IGM's still quite [audio distortion]. So how should we think about kind of your next steps? And do you consider more M&A opportunities? Or as you've alluded to on slide nine, you're showing 7.7x PE for IGM Mackenzie. It also seems like an attractive way to kind of buy some shares. Yeah. Good question. So as I said, it is an active M&A environment, and we expect it to remain so. That will be true both in wealth management and asset management. We've said in the past, and I'd reiterate that in wealth management, we're particularly interested in Canada, in platforms that would give us more exposure to the high-net-worth and ultra-high-net-worth segments. In asset management, we're always thinking very actively about Mackenzie as a business that participates in what is truly a global industry. So how can we continue to enhance kind of Mackenzie's global asset management capabilities? So I think that gives us a good playing field. I really believe it does over the coming quarters. We will have similar choices ahead of us to the choices we faced in this transaction. We will have surplus capital. We will have that capacity, and we will have a Great-West Lifeco stake. So it's going to depend on the acquisition, the timing, the size, and a whole bunch of other considerations. But all of those potential sources of capital I would describe as being on the table depending on timing, size, and opportunity. Maybe as a follow-up, James, you had some comments on the M&A opportunities. Is that within the Power Great-West ecosystem, or are they outside, or a combination of them? I suppose a combination of both. But I can tell you we are very actively thinking about opportunities that are coming to us regularly now from investment bankers in Canada. And I've spoken in the past about the investment counselors and the fragmented nature of that industry and the opportunity for us to acquire one or more of those platforms potentially and build another brand and build a further presence in high-net-worth and ultra-high-net-worth. And so we're looking very, very broadly here because, again, when you take the pace at which we accrue surplus capital, the balance that's unspent from this transaction, what it will look like by the time the deal closes, plus tech capacity, plus the Great-West Lifeco, we've got some firepower here. So we're looking broadly. Okay. That makes sense. My next question's for Luke. I see the earnings accretion from the transaction on slide seven. Sorry, I misheard your comment on the cash EPS, right? That seems to be a focus for dividends and dividend growth. So pro forma, kind of where do we stand? Is the accretion similar on a cash EPS basis, and are we potentially a step closer to a next year? Yes, we're here. Yeah. You're exactly right on the cash accretion versus the pro forma earnings accretion are about the same. I'd say, given we're happy because the accretion is relatively slow, it certainly nudges us ahead when it gets very small in the context of our free cash flow. I'd say the guidance would be no change as far as the outlook when we would consider a dividend increase. Yeah, this is accreted to us on a cash accretion basis as well. Okay. And then, Luke, just to have you here, just one last question. It sounds like there's no ownership restriction. Anything on the board representation side? We We just talked about how many board seats will you have on a pro forma basis? We're taking all of the rights that were first given from Power in the transaction to us. So you can see that board representation, and we also now have representation on the supervisory team. There's a different governance structure there. So we actually have, right now, the chairperson role on the supervisory board of the company. So it's our group's influence and oversight; it doesn't change, but it is transferred to Mackenzie. Okay. Got it. That's it for me. Thanks. Our next question comes from Tom MacKinnon from BMO Capital Markets. Please go ahead. Thanks very much. Just question with respect to Wealthsimple. Can you just remind us how much Wealthsimple is held at IGM, and then how much is held in Power? And just follow-up with respect to any strategic work done with Wealthsimple in terms of simplifying the structure as well? And I have a follow-up. Good morning. Please check your mute line. Right before we diluted our stake in Wealthsimple, we've got 23%. It was in the release document in May. The group continues to have control, and there is just a slightly smaller stake than ours that's held by Power. And so right now, we haven't been pursuing any opportunities to change our ownership in Wealthsimple. And that continues, obviously, to be a very important investment to us and to the group. Where would be the rightful place to put Wealthsimple as you further try to simplify the Power structure? Or is that a better question for the Power people? It's a great question for all of us. I'd say, as much as you may, what's most important to all of us right now is to do everything we can to continue to have Wealthsimple's growth as optimized as possible. So that's focus number one. And right now, I think for the whole group, we've got complete flexibility on any long-term solutions for Wealthsimple or where we want to place it. So we've got the best of everything right now, and that's our focus, is really optimizing Wealthsimple's success. Okay. And as a follow-up for James, I think one of the things you mentioned is it increases your global capabilities in asset management by increasing your stake in ChinaAMC. Do you have other aspirations for increasing global capabilities in asset management? I mean, it's a scale game, and the more kind of global capabilities you can add to your products, I think, the better. So maybe you can discuss are there other ways of increasing global capabilities with respect to your asset management franchise? Yeah. Thank you, Tom. So as I've said, I view the wealth industry generally, and indeed globally, it's structured regionally. It's structured nationally. Whereas the asset management industry is very different. It is truly a global industry. And day in, day out, Mackenzie and Mackenzie led by Barry are competing with global players, and certainly with players outside of Canada. So I think we have to be mindful of that. And one of the things I think a lot about is how do we continue to build investment management capabilities in Mackenzie so that Mackenzie can continue to deliver great product, great solutions for IG Wealth, for Canada Life, and for advisors and clients right across the country. So we're open-minded. We really do think about positioning Mackenzie over the next three to five years with a view to ensuring that Mackenzie is not nationally competitive but globally competitive. Maybe I'd ask Barry to share a few thoughts as well. Well, thank you, James. Great question, Tom. And I would just add to James' comments that we have demonstrated Mackenzie last three, four years has been fairly acquisitive if you look at the totality of the transactions with Northleaf, of course. Again, that gave us capabilities we didn't have that we can try to democratize into Canadian retail that helps them expand their global platform. Greenchip, again, very differentiated, sustainable investment-type capabilities global. We do not have, and surprisingly, not only is it coming, as we know, very strongly in Canada, but our retail advisor community also institutionally our friends in Canada, which we continue to selectively focus on for Mackenzie as well. GLC from Canada Life, that gave us access to more fully sub-advised mandates in institutional Canada. So as James says, opportunities abound. It's a positive consolidation era within asset management. We're reminded time and time again, even in our home market in Canada, that most of the bank-owned asset management companies, the majority of the larger competitors that we compete against, Mackenzie, are foreign firms in Canada. So we want to continue to look for opportunities for more global investment capabilities that we can bring through our existing channels. And of course, always looking for opportunities if we could have access, greater distribution access to other geographies. If I just step back on China, I think just from a strategic standpoint for IGM Mackenzie, again, there's three ways you can go into China. One is you just build your own platform now, and that's what some of the big U.S. firms are doing. You can buy a small firm outright. Or what we did was strategically focus on a strong minority interest, as Luke mentioned, a preeminent firm in China, the fastest-growing industry being residing in China, and a firm that's multi-channel and so sped up well from AMC. Future growth and where the industry's heading. So that was another example, I guess, of not necessarily bringing capabilities that we didn't have. Certainly, we are bringing ChinaAMC's capabilities to investors in a big way. But again, access to a new market, a very fast-growing market. So there's been a real variety of things that have come to IGM, Mackenzie the past three, four years. We'll continue to evaluate and pursue those opportunities as they present themselves. All right. Thanks very much. The next question comes from Scott Chan from Canaccord Genuity. Please go ahead. Yeah. Thanks very much. Maybe, Luke, going back to just China AMC and maybe the China asset management industry. For China AMC, the AUM is exceptional, over CAD 300 billion. Has there been any acquisitions in the past, far past, or recently? And then I guess going forward, you don't follow the market too much. Would you support future acquisitions at China AMC to add scale? Great question. So I'd say to date, all of the growth has been organic. And again, as Barry walked through, the industry's net sales rate as a percent of assets has been over 20%, and China AMC has been maintaining its share. So all the growth that you see has really been organic. And the firm was founded in 1998, and there has been no acquisition from that time. It's all been organic growth. In 2025, you'll see, and I'm glad you raised the point, the industry's quite fragmented. And so we see the industry evolve. There certainly will be room for acquisitions over time. But right now, all the growth has been organic at China AMC. Is there publicly traded asset managers in China? I guess what I'm getting at is, is there a way to kind of track multiples? If the multiples that you assign on your fair market value at 7.5x could be changed, or is there any factors within ChinaAMC, or even this transaction done as a lower transaction multiple, to think about going forward as you maybe think about adjusting that multiple over time, that trading multiple? Right now, as such, there are no listed publicly traded asset managers in China. Right now, we think that's something very special for IGM, is for investors who have sought exposure to China's asset management industry. We believe we now provide the largest market exposure to investors. So for IGM, it's a great vehicle, and it's focusing on just that value. We'll make sure we're providing you with any insights that we have on where things are trading. Right now, we obviously have all the trades that happened in China AMC, and we highlighted our last competitive process where the entry multiple was 17.5x. And from everything we've seen, looking at the marketplace, it continues to be certainly a valid multiple. And we'd say hopefully conservative. But I'd also highlight we obviously think that the price that we've ascribed to this deal was fair, fair to IGM and fair to Power. Because it's fair, would it be safe to assume that maybe your target multiple decreases once this transaction closes and your ownership increases, or do you think the former multiple on the initial transaction is still valid? Yeah. We believe that 17.5x is valid. That's an indication that we have of where this is traded. We have other precedents that have happened in the past that, again, are in the high teens as well. And yeah, as we see China continue to grow their earnings, we will, as you think back. In February, and us posting an indication of what we believe this is worth, what you'll see there is that CAD 2.66 billion that we've posted on page eight. Okay. And And just last question for me. You talked about some sales from James, but there's about over CAD 1 billion in cross-selling. And the CAD 750 million that you sub-advisory with China AMC, is that mostly institutional, maybe a combination of institutional retail? Because it sounds like the institutional clientele base at China AMC could be a large opportunity going forward. Great questions, Barry. So the current advisorship that Mackenzie has with China AMC is a series of compound-based ETFs that we sub-advise for them. And those ETFs can be accessible by institutional investors. In fact, they're licensed to be compound-based. They're licensed to be able to be sold in different ways right now. Concurrent with that, and they're going very well, by the way. So we're very excited about that and more to come. Concurrent to that is, yeah, we've been working with China AMC because they have just terrific relationships, as you can imagine, across China in the institutional space. And so long-going dialogue, ongoing opportunities, long and short lists going through Mackenzie with a variety of large institutional investors in China. And those wins will come. They're usually lumpy, but they're usually big. So yeah, we expect to have some good winds in the future in the institutional space to complement the existing subsidiary initiative of the ChinaAMC ETFs. Do you think there's an opportunity to manage active products on their platforms, specifically? Active lineup is generally pretty solid and broad-based. Yes. In fact, the institutional opportunities that we've been pursuing and discussions, the process can be pretty active along the short list conversations. Have been all active, actually. Global equities, global sustainable equities, and global industry. So a number of ours, we're really focused on probably three of some of our global strategies that we think would be of interest to Chinese investors. You may or may not know that the Sovereign Wealth and National Social Security Funds in China, they can access global capabilities from firms unfettered. They don't have any restrictions on getting sort of quotas to do that. There's a whole swath of other institutional investors in China, insurance companies and corporate pension plans that can also incorporate global investments into the portfolio. So we are pursuing that, and of interest is, yeah, basically our active lineup. Okay. Great. Thank you very much. Thank you. Once again, if you have a question, please press star, then one. The next question comes from Graham Ryding from TD Securities. Please go ahead. Hi. Good morning. Barry, similar question, but just coming at it in a different way, perhaps. Can you just give us some sort of context, maybe of the relationship with ChinaAMC? With this transaction, do you feel like this reinforces your commitment and relationship with ChinaAMC, and does it sort of help, perhaps, increase the growth of cross-selling and assets both ways, either funds that they manage on your behalf or some advisory relationship? Can you give us some context, maybe, of how we should think about the trajectory there? Sure. Well, so the relationship is already really strong. And we've been building on that the past five years or so. And obviously, multiple visits to China before the COVID restrictions on travel. I would go there quarterly, and one of my colleagues would go over. They would come over to Canada and kind of best practices exchange. So it's a really strong relationship between the two firms. We actually look fairly alike in terms of our strategy, our size, multi-channel, ETFs, major funds, etc. So that's a good thing. We learn from them, and they learn from us. So I was, and despite the fact that our relationship has been essentially virtual for almost the last few years, continues to strengthen. Our investment professionals, our six Mackenzie teams in Toronto-based, are having weekly calls with theirs in Beijing, understanding the opportunities in China because we do believe, back to the prior question, active management is critically important in Chinese equity and marketplaces given its newness. So the relationship is very strong. Clearly, that sends a stronger signal to our partner that we're not only are we in this for long-term, as we indicated today back in 2017, and Power has been great for 40 years. But yeah, obviously, doubling up our investments just would further strengthen an already strong relationship. And clearly, the advisory mutual relationships and opportunities will continue to grow. We're really pleased in Canada. We believe in Canada, Mackenzie is the only firm that offers Chinese equities, Chinese equity, and Chinese balanced mutual funds to investors in Canada. And it's early days. Everyone's trying to figure out how to put it into the overall portfolio. You can't have a global portfolio anymore without having a Chinese exposure. Our Chinese equity fund, for instance, as you may be familiar with, mutual fund in Canada, Mackenzie, is over three years old, five-star active, really strong performance, sub-advised by ChinaAMC, of course. It was a top 10 seller last year for us in 2021, over CAD 100 million of net inflows, despite it still being relatively new. We really are very bullish on future flows from Canadian investors and advisors in Canada into those ChinaAMC sub-advised mutual funds and more to come. As I mentioned to the prior question, yeah, ETFs are going to grow for us. We're sub-advised by ChinaAMC. I would be really excited in the future to start to announce some nice institutional wins in China via our partnership with ChinaAMC. Okay. Great. We'll go for that. And then just, Luke, I did make a quick reference to the capital gains tax, I think, just to make sure I heard correctly. It was CAD 6 million is the tax implication here from this transaction. Is that right? Yeah. That's right, Graham. Just CAD 6 million. Okay. That's it for me. Thank you. This concludes the question-and-answer session. I'd like to turn the conference back over to Keith Potter for closing remarks. Thank you. As you've heard today, we do expect this transaction to enhance IGM's growth profile. We would like to thank you for joining us on the call today and for your participation in the questions. With that, I will close the call. This concludes today's conference call. You may disconnect the lines. Thank you for participating and have a pleasant day.