IMG sees fourth-quarter rise

16 February 2007

Canadian mutual fund manager IMG has announced a significant fourth-quarter profit rise.

The 12.6 per cent increase saw it earn C$199.6 million in the quarter, which matched the expectations of analysts in general.

The equivalent quarter a year previously saw IMG make a C$177.2 million profit.

Gross revenues for IMG rose to C$678.6 million from C$608.3 million in the year earlier quarter, it announced.

There was also a notable increase in its assets under management - from C$100.2 billion in 2005 to C$119.4 billion in 2006. This was a rise of 19.1 per cent.

IMG operates most of its funds under the names of Investors Group and Mackenzie Financial. The former saw net sales increase to C$335 million from C$254 million while the latter actually recorded a sharp fall from C$916 million to C$596 million.

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