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IGM Financial reports stable profits for second quarter

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Winnipeg-based IGM Financial Inc. the largest mutual fund company in the country which operates Investors Group and Mackenzie Financial, reported stable profits for the second quarter at $190.3 million.

Sales were up eight per cent to $720.2 million with a 15.9 increase in Investors Group mutual funds and a 11.2 per cent increase in sales at Mackenzie.

Assets under management totals were up 13.3 per cent to $141.4 billion compared to the same period last year.

Investors Group consultant network increased by 140 in the quarter to 4,871.

IG mutual fund sales for the second quarter of 2014 were $1.67 billion compared to $1.49 billion in the prior year, and net redemptions were $39 million compared to $167 million.

At Mackenzie mutual fund net sales for the second quarter were $115 million compared to net redemptions of $362 million a year ago.

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