July 29, 2009 / 10:32 PM / in 8 years

UPDATE 1-IGM Financial 2nd-quarter profit tumbles

TORONTO, July 29 (Reuters) - IGM Financial Inc (IGM.TO), Canada’s No. 2 mutual fund manager, said on Wednesday it had second-quarter profit of C$144.5 million ($132.6 million), a 33 percent fall from earnings for the same three months of 2008.

The Winnipeg, Manitoba-based company said total assets under management at June 30 were C$109.6 billion, compared with C$119.7 billion at the end of the same period last year.

IGM said gross revenue for the three months ended June 30 was C$587.8 million, compared with C$720.7 million a year ago.

Canadian capital market players, like their counterparts around the world, were hard hit by the global recession as their stock portfolios were undercut by tumbling markets.

IGM is controlled by Power Financial Corp (PWF.TO).

$1=$1.09 Canadian Reporting by Pav Jordan; editing by Rob Wilson

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