IGM Financial 4th-quarter profit slips, but fund sales stronger

Fri Feb 14, 2014 11:37am EST
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TORONTO Feb 14 (Reuters) - IGM Financial Inc, one of Canada's top mutual fund companies, said on Friday that mutual fund sales and assets under management surged in the fourth quarter, but net profit fell as the year-before period included a favorable tax benefit.

The Winnipeg, Manitoba-based company earned C$197.1 million ($179.56 million), or 78 Canadian cents per share, in the quarter, down from a year-earlier profit of C$202 million, or 80 Canadian cents a share.

Shares of IGM were down 2 Canadian cents at C$54.95. IGM Financial is a division of the Montreal-based Desmarais family's Power Corp empire.