Profit rises at mutual fund manager IGM Financial
MONTREAL, Feb 15 (Reuters) - Fourth-quarter profit rose 12.6 percent at IGM Financial Inc. (IGM.TO) on higher revenues, Canada's biggest mutual fund manager said on Thursday.
IGM, which is 55.9 percent owned by Power Financial Corp. (PWF.TO), said it earned C$199.6 million ($172 million) or 75 Canadian cents a share in the quarter, in line with the consensus estimate of analysts polled by Reuters Estimates.
That was up from a profit of C$177.2 million or 66 Canadian cents a share in the 2005 quarter.
IGM, which sells most of its funds under the Investors Group and Mackenzie Financial names, said gross revenues rose to C$678.6 million from C$608.3 million in the year earlier quarter.
Total assets under management rose 19.1 percent to C$119.4 billion from C$100.2 billion in 2005.
At Investors Group, mutual fund sales for the fourth quarter rose to C$1.5 billion from C$1.4 billion, while net sales increased to C$335 million from $254 million.
Mackenzie Financial's sales rose to C$3.1 billion from C$2.8 billion, but net sales fell to C$596 million from C$916 million a year earlier. ($1=$1.16 Canadian)
