* Q1 EPS C$0.81 vs year-earlier C$0.73
* Analysts had expected earnings of C$0.76/shr
* Expenses rise
* Shares up 0.2 pct on TSX
TORONTO, May 6 (Reuters) - IGM Financial IGM.TO, Canada’s No. 2 mutual fund company, reported a higher quarterly profit on Friday, helped by a rise in fund sales and higher management fees.
The Winnipeg, Manitoba-based asset manager earned a net C$211.8 million ($220.6 million), or 81 Canadian cents a share, in the first quarter, ended March 31. That compared with a year-before profit of C$191.8 million, or 73 Canadian cents a share.
Analysts had expected earnings of 76 Canadian cents a share, according to Thomson Reuters I/B/E/S.
IGM, which is around 60 percent owned by Power Financial Corp, said revenue rose to C$720.4 million from C$665.3 million a year earlier. Investment income was C$45.9 million during the quarter, down from C$54.2 million.
Fund management fees rose to C$492.2 million from C$449.7 million, while distribution fees were up to C$89.7 million from C$72.8 million.
Total assets under management rose 8.7 percent from a year earlier to C$134.1 billion. Mutual fund assets under management were up 8.1 percent at C$64.0 billion.
Combined commission, noncommission, and interest expenses rose to C$433.1 million from C$400 million.
Shares in the company were were up 0.2 percent at C$48.08 on the Toronto Stock Exchange shortly after the results were released.
$1=$0.96 Canadian Reporting by John McCrank; editing by Peter Galloway