February 11, 2011 / 4:36 PM / 7 years ago

UPDATE 2-IGM Financial profit jumps 76 pct on investments

* Q4 EPS C$0.76 vs estimated C$0.71

* Shares jump 1 pct on the news (Adds details, share price)

TORONTO, Feb 11 (Reuters) - IGM Financial (IGM.TO). Canada’s No. 2 mutual fund company, said on Friday its quarterly profit jumped 76 percent on stronger investment income and higher management and distribution fees.

The Winnipeg, Manitoba-based asset manager earned a net C$200.2 million ($202 million), or 76 Canadian cents a share, in the fourth quarter ended Dec. 31.

That compared with a year-before profit of C$113.7 million, or 43 Canadian cents a share, which was hurt by a C$66.2 million loss on the sale of certain equity securities.

The result beat analysts’ estimates of a profit of 71 Canadian cents a share, as polled by Thomson Reuters I/B/E/S, prompting the company’s shares to spike by 1 percent after the IGM released its earnings report.

About 30 minutes after the results were reported, the stock had settled back, and was up 21 Canadian cents at C$45.56 on the Toronto Stock Exchange.

Revenue rose 26 percent to C$692.6 million. Investment income was C$39.1 million during the quarter, rebounding from a year-before loss of C$62 million.

Fund management fees rose 6.5 percent, while distribution fees jumped 18 percent. Total assets under management rose to C$129.5 billion from C$120.5 billion.

$1=$0.99 Canadian Reporting by Cameron French; editing by Peter Galloway

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