November 11, 2010 / 4:47 PM / 8 years ago

UPDATE 1-IGM Financial profit edges up on sales, assets

* Operating EPS C$0.68 vs est C$0.66

* Revenue up 1.7 pct at C$637.3 mln

* AUM ahead 4 pct to C$122.7 bln

TORONTO, Nov 11 (Reuters) - IGM Financial (IGM.TO), Canada’s No. 2 asset manager, said on Thursday its third-quarter profit edged up 1.4 percent, helped by higher sales and assets under management, but offset by a litigation charge.

The Winnipeg, Manitoba-based company earned a net C$169.7 million ($168 million), or 65 Canadian cents a share, in the quarter ended Sept. 30. That compared with a profit of C$167.4 million, or 63 Canadian cents a share, in the year-before quarter.

Stripping out a litigation charge of C$8.2 million, the company earned C$177.9 million, or 68 Canadian cents a share, on an operating basis.

Analysts had expected a profit of 66 Canadian cents a share, according to Thomson Reuters I/B/E/S.

IGM, which is 60 percent owned by Power Financial Corp (PWF.TO), said revenue rose to C$637.3 million, up from C$626.5 million a year before.

Total assets under management were C$122.7 billion, up from C$117.9 billion.

Shares of IGM, which operates the Investors Group and Mackenzie Financial banners, were down 16 Canadian cents at C$42.74 on the Toronto Stock Exchange

$1=$1.01 Canadian Reporting by Cameron French; editing by Rob Wilson

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