Mutual fund company IGM Financial Inc. (TSX:IGM) reported Friday a fourth-quarter profit of $230.6 million, up from a year-earlier $189.9 million.

Earnings available to common shareholders amounted to 89 cents per shares, up from 73 cents per share.

Revenues were $649.6 million, down from $694.9 million a year earlier.

The Winnipeg-based company, which is a subsidiary of Power Financial, operates mainly under two divisions: Investors Group and Mackenzie Financial Corp.

Investors Group reported mutual fund sales of $1.28 billion compared to $1.39 billion in the prior year while net redemptions grew to $158 million from $38 million. Mutual fund assets under management at Dec. 31 $57.7 billion compared to $61.8 billion a year earlier.

Mackenzie saw fourth-quarter sales fall to $2.09 billion from $3.13 billion in the prior year, while net redemptions were $1.25 billion compared to $267 million. Total assets under management were $61.7 billion compared $68.3 billion a year earlier.