August 5, 2010 / 5:12 PM / 8 years ago

UPDATE 1-IGM Financial profit up as assets rise

* Analyst forecast EPS C$0,67

* Revenue up 8.7 pct, management fee income stronger

* Shares down 1.7 pct

TORONTO, Aug 5 (Reuters) - IGM Financial (IGM.TO), Canada’s No. 2 mutual fund company, said on Thursday its second-quarter profit rose 24 percent as fund assets and fee income rose alongside stronger equity markets.

Winnipeg, Manitoba-based IGM earned a net C$179.1 million, or 68 Canadian cents per share, up from C$144.5 million, or 55 Canadian cents a share, in the comparable year-before period.

Analysts polled by Thomson Reuters I/B/E/S had expected a profit of 67 Canadian cents per share.

Revenue rose 8.7 percent to C$643.2 million, on the back of higher management fees.

Mutual fund sales during the quarter rose to C$1.3 billion from a year-earlier C$1.1 billion, but net redemptions rose to C$103 million from C$95 million.

Total assets under management were C$115.7 billion at the end of June, up 5.5 percent from a year earlier.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 8.9 percent in the 12 months ended June 30.

Just after midday, the company’s shares were down 1.7 percent at C$40.52 on the Toronto Stock Exchange.

    $1=$1.02 Canadian Reporting by Cameron French; editing by Rob Wilson

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