Fund manager IGM Financial Inc. today reported a 10% rise in second quarter profit as booming equity markets drove strong sales of its mutual funds.

IGM said net income for the quarter ended June 30 was $167.9 million, or 63¢ per share, up from $152.6 million, or 57¢ a share, in the year-before period.

Revenue was $579.2 million for the quarter, up 10.6% from $523.5 million for the same time last year.

Mutual fund assets were $87.5 million at the end of the quarter, up from $79.7 billion a year earlier, helped by strong mutual fund sales and rising equities markets.

IGM’s business units include Investors Group, Mackenzie Financial and Investment Planning Counsel. IGM Financial Inc. is a member of the Power Financial Co. group of companies.