IGM Financial Inc. saw its net income tumble 66% to $79.8 million in the fourth quarter of 2008, the company reported on Friday.

The drop in profit, from $234.3 million in the fourth quarter of 2007, includes a $60.3-million charge representing IGM’s proportionate equity interest in Great-West Lifeco Inc.’s after-tax impairment charge related to goodwill and indefinite life intangible assets.

IGM’s gross revenue in the fourth quarter was $584 million, down from $721.6 million in 2007.

Total assets under management as of Dec. 31 were $101.7 billion, down 17.3% $123 billion a year earlier.

For the year, the company earned net income of $730.8 million, down from $879.1 million in 2007. Gross revenues in 2008 were $2.7 billion, compared to $2.90 billion in the prior year.

At the company’s Investor Group Inc. operations, annual mutual fund sales were down sharply, falling to $5.9 billion from $7.2 billion in 2007. Mutual fund net sales for the year tumbled to $625 million from $2.2 billion a year ago.

The number of Investors Group consultants rose to 4,479 in 2008, up from 4,331 in 2007.

“Our Consultant network continued to expand for the 18th consecutive quarter to a new record level,” said Murray J. Taylor, president and CEO of Investors Group Inc.

At the company’s Mackenzie Financial Corp. operations, total sales for 2008 were $12.3 billion compared to $12.7 billion in the prior year. Total net redemptions for 2008 were $2.7 billion compared to net sales of $1 billion in the prior year.

In the fourth quarter alone, Mackenzie saw total net redemptions of $1.5 billion compared to net sales of $189 million in the prior year.

Mackenzie’s total assets under management as of Dec. 31 totalled $54.7 billion, down 13.6% from $63.3 billion in 2007.

“During the fourth quarter, global stock market volatility impacted assets under management,” said Charles R. Sims, president and CEO of Mackenzie Financial Corp.

IE