October 29, 2009 / 10:30 PM / in 8 years

UPDATE 1-IGM Financial Q3 profit down 16 pct

* Q3 EPS C$0.63 vs C$0.75

* Analysts forecast profit C$0.63/shr

* Assets under management inch down to C$117.9 bln

TORONTO, Oct 29 (Reuters) - IGM Financial Inc IGM.TO, Canada’s No. 2 mutual fund manager, said on Thursday its third-quarter profit skidded 16 percent amid falling revenue.

Winnipeg, Manitoba-based IGM said third-quarter profit was C$167.4 million ($156.4 million), or 63 Canadian cents a share, compared with C$198.7 million, or 75 Canadian cents a share, a year ago.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 63 Canadian cents a share.

The company said total assets under management at Sept. 30 were C$117.9 billion, inching down from C$118.5 billion at the same time a year earlier.

IGM said gross revenue for the three months ended Sept. 30 was C$622.6 million, compared with C$684.7 million a year ago.

The company’s shares closed up 1.4 percent at C$39.19 on the Toronto Stock Exchange on Thursday.

IGM is controlled by Power Financial Corp PWF.TO.

$1=$1.07 Canadian Reporting by Pav Jordan; editing by Rob Wilson

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