IGM Financial reports first-quarter profit and revenue down from year ago

WINNIPEG – IGM Financial Inc. (TSX:IGM) reported Friday a drop in its quarterly earnings and revenue compared with a year ago as expenses crept higher.

The mutual fund manager said it earned $180.5 million or 72 cents per share for the quarter ended March 31, down from $198.9 million or 77 cents per share a year ago.

Revenue fell to $652.7 million from $673 million, while expenses were $418.7 million compared with $415.4 million in the first quarter of 2012.

Total assets under management at the end of the quarter were $125.8 billion, up from $124.1 billion a year ago.

IGM, a member of the Power Financial Corp. group of companies, is a manager and distributor of mutual funds under several banners including Investors Group, Mackenzie Financial and Investment Planning Counsel.