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WINNIPEG (CP) - IGM Financial Inc. reported a small drop in third quarter profits compared with a year ago, despite higher fee and investment income.
Canada's largest mutual fund firm with its Investors Group and Mackenzie Financial divisions said Friday it earned $159 million or 58 cents per share for the three months ended Sept. 30. That compared with a profit of $160.6 million or 59 cents per share.
Total fee and net investment income in the quarter increased to $527.1 million, up from $474.4 million a year ago.
"The quarter was marked by strong growth in the number of consultants in the Investors Group network and industry leading mutual fund sales by Mackenzie Financial within the financial adviser channel," said Jeffrey Orr, the company's president and CEO.
Mutual fund assets under management at Sept. 30 were $78.6 billion, including $1.3 billion held by Counsel Group of Funds Inc., a wholly owned subsidiary.
IGM Financial shares (TSX:IGI - news) were up 22 cents at $34 in trading Friday on the Toronto stock market.
Source: Canadian Press via Yahoo
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