Source: The Canadian Press

IGM Financial Inc. (TSX:IGM) had a $179.1 million profit in the second quarter as revenue from fees and investments increased by 9% compared with a year earlier, the money manger reported Thursday.

The Winnipeg-based company’s net income available to common shareholders was 68 cents per share, compared with $144.5 million or 55 cents per share in the second quarter of 2009.

Revenue increased to $643.2 million from $591.6 million.

Management fees contributed the largest share of revenue, at $455.5 million, up from $399.3 million a year earlier. Assets under management as of June 30 totalled $11.7 billion, up 5.5 per cent from $109.6 billion a year earlier.

Administration fees and distribution fees contributed $89.2 million and $71.9 million to revenues respectively, both up from last year. By contrast, investment income fell to $26.6 million from $43 million in the second quarter of 2009.

IGM Financial is an indirect, publicly traded subsidiary of Montreal-based Power Corp. of Canada (TSX:POW), which is also parent of Great-West Lifeco and Power Financial.

IGM’s Investors Group operations, which had $55.5 billion of mutual fund assets under management, had $1.3 billion worth of mutual fund sales during the quarter _ up from $1.1 billion a year earlier. Net redemptions also increased to $103 million from $95 million a year earlier.

IGM’s Mackenzie operations, which had $60.9 billion of assets under management including $38.9 billion of mutual funds assets, had $3.3 billion of fund sales, down from $3.4 billion. Total redemptions were $516 million, down from $535 million.

IE