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IGM Financial profit rises to $179.1-million

IGM Financial Inc. ad a $179.1-million profit in the second quarter as revenue from fees and investments increased by 9 per cent compared with a year earlier, the money manger reported Thursday.

The Winnipeg-based company's net income available to common shareholders was 68 cents per share, compared with $144.5-million, or 55 cents per share, in the second quarter of 2009.

Revenue increased to $643.2-million from $591.6-million.

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Management fees contributed the largest share of revenue, at $455.5-million, up from $399.3-million a year earlier. Assets under management as of June 30 totalled $11.7-billion, up 5.5 per cent from $10.96-billion a year earlier.

Administration fees and distribution fees contributed $89.2-million and $71.9-million to revenues respectively, both up from last year. By contrast, investment income fell to $26.6-million from $43-million in the second quarter of 2009.

IGM Financial is an indirect, publicly traded subsidiary of Montreal-based Power Corp. of Canada, which is also parent of Great-West Lifeco Inc. and Power Financial Corp.

IGM's Investors Group operations, which had $55.5-billion of mutual fund assets under management, had $1.3-billion worth of mutual fund sales during the quarter - up from $1.1-billion a year earlier. Net redemptions also increased to $103-million from $95-million a year earlier.

IGM's Mackenzie operations, which had $60.9-billion of assets under management including $38.9-billion of mutual funds assets, had $3.3-billion of fund sales, down from $3.4-billion. Total redemptions were $516-million, down from $535-million.

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