February 15, 2008 / 12:14 PM / 10 years ago

IGM Financial boosts dividend as profit rises

TORONTO (Reuters) - IGM Financial Inc (IGM.TO) said it plans to hike its quarterly dividend by 6 percent after strong sales helped it book a fourth-quarter profit.

Canada’s biggest mutual fund manager boosted its quarterly dividend to 48.75 cents per share from 46 cents a share.

The dividend hike, announced late Thursday, came as the company reported net income was $234.3 million, or 88 cents a share in the fourth quarter, up from $199.6 million, or 75 cents, a year earlier.

Analysts expected the company to earn 81 cents a share in the quarter, according to Reuters Estimates.

Assets under management at the end of December were $123 billion, up 3 percent from $119.4 billion a year earlier.

IGM Financial, which is based in Winnipeg and controlled by Montreal’s Power Financial Corp (PWF.TO), sells mutual funds through its Investors Group, Mackenzie Financial and Counsel Group units.

Reporting by Scott Anderson; Editing by Derek Caney

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