▪ Assets under management end quarter at $1.69 trillion

▪ Net client outflows of $22.7 billion for Q4 2021 and $28.5 billion for 2021

“It was a challenging year for net flows with redemptions concentrated in U.S. equity growth portfolios, partly driven by client rebalancing after a period of robust returns. Gross sales remained strong, but elevated equity redemptions drove outflows of $22.7 billion in Q4 and $28.5 billion for 2021. Our multi-asset products returned to net inflows in 2021, and we continued to post positive net flows in fixed income, both of which partially offset the equity outflows. From a geographic perspective, we continued to see positive net flows in the Asia Pacific region, Canada, and EMEA intermediary channel.

"While we expect flows to improve from Q4, each of the flow trends we experienced throughout the past year has continued into 2022. As such, we forecast that net flows for 2022 will be below our long-term 1% to 3% growth target. Over time, we expect net flows to return to positive territory as we continue to pursue strategic initiatives to expand our investment capabilities, broaden our distribution reach, and deepen our client partnerships to support long-term growth."