The Canadian Press

IGM Financial Inc. (TSX:IGM) reported a drop in third-quarter profit compared with a year ago as revenues slipped.

The investment manager said Thursday it earned a third-quarter profit of $167.4 million or 63¢ per share compared with a profit of $198.7 million of 75¢ per share a year ago.

Revenues for the three months ended Sept. 30 were $622.6 million compared with $684.7 million in the same period last year.

Total assets under management at Sept. 30 were $117.9 billion, down from $118.5 billion a year ago.

IGM Financial, a member of the Power Financial group of companies, operates under the Investors Group, Mackenzie Financial and Investment Planning Counsel banners.