IGM Financial today reported flat profit growth for the first quarter ended March 31, as lower taxes offset weaker mutual fund sales and declining assets under management.

IGM Financial said it earned $211.2 million, or 79¢ a share, in the quarter, compared with net income of $210.5 million, or 79¢ a share, in the 2007 period.

Revenues slipped to $714.7 million from $720.8 million, while operating expenses rose to $424.4 million from $410.5 million.

However, lower income taxes, which fell to $78.6 million from $99.1 million, enabled the company to report a profit.

Gross fund sales at Investors Group eased to $2 billion in the quarter from $2.3 billion in the year-before quarter, while Mackenzie Financial’s fund sales slid to $3.1 billion from $3.7 billion.

Total assets under management at the end of March were $119 billion, down from $123.4 billion a year earlier.