IGM Financial Inc. today reported an 8% increase in profit for the third quarter ended September 30.
The mutual fund management company said net income for the quarter was $191.4 million, or 72¢ a share, up from $176.6 million, or 66¢ a share, in the same period last year.
Revenue rose to $643.1 million from $587 million in the year-before quarter.
Mutual fund assets under management at the end of the quarter were $99.5 billion, up from $91 billion at Sept. 30, 2005.
At IGM’s Investors Group unit, mutual fund sales for the third quarter of 2006 were $1.2 billion unchanged from the prior year and mutual fund net sales were $127 million compared to $56 million a year ago. Net sales of long-term funds were $45 million compared to net sales of $10 million in the prior year.
Year-to-date mutual fund sales were $4.7 billion compared to $4.1 billion in the prior year and mutual fund net sales were $1.0 billion compared to $524 million a year ago. Net sales of long-term funds were $772 million compared to $361 million in the prior year.
“Our Consultant network has now grown to its highest level on record,” said Murray J. Taylor, President and Chief Executive Officer of Investors Group Inc. “The 93% increase in net sales over last year’s first nine months was driven by continued growth of our Consultant network and an appreciation by our clients of our approach to long-term financial planning.”
Investors Group’s mutual fund assets under management at Sept. 30, 2006 were $54 billion, an increase of 10.1%, compared to $49 billion at Sept. 30, 2005.
IGM’s Mackenzie division recorded mutual fund sales of $1.4 billion for the third quarter of 2006 compared to $1.7 billion in the prior year. Mutual fund net redemptions were $194 million compared to net sales of $110 million in the prior year. Net redemptions of long-term funds (excluding money market and managed yield funds) were $307 million for the period compared to net sales of $85 million in 2005.
Year-to-date mutual fund sales were $6.3 billion compared to $5.9 billion in the prior year. Mutual fund net sales were $450 million compared to $663 million in the prior year. Net sales of long-term funds (excluding money market and managed yield funds) were $335 million for the period compared to $684 million in 2005.
“The acquisition of the Cundill Group, which closed this quarter, strengthens our internal investment management capabilities and enhances our ability to offer innovative products through our distribution channel to Canadian and foreign investors,” said Charles Sims, president and CEO of Mackenzie Financial Corp.
Mackenzie’s mutual fund assets under management at September 30, 2006 were $43.5 billion, an increase of 8.2%, compared to $40.2 billion one year ago. Total assets under management at September 30, 2006 totalled $56.8 billion including $3.3 billion of assets of the Cundill Group acquired by Mackenzie during the third quarter of 2006. This compares with assets under management of $47.9 billion at Sept. 30, 2005, an increase of 18.7%.
IGM profits climbs in third quarter
Investors Group consultant network has now grown to its highest level on record
- By: IE Staff
- November 2, 2006 November 2, 2006
- 15:50