The mutual fund provider saw its revenue rise in the latest quarter as sales increaseddespite new fee disclosure rules.
IGM FINANCIAL INC. (Toronto symbol IGM; www.igmfinancial.com) is Canada’s largest independent mutual fund provider. Power Financial owns 61.5% of IGM.
The company has two main businesses: Mackenzie Financial sells funds through independent brokers; and Investors Group offers mutual funds and other services, such as portfolio management, through 5,380 affiliated advisors.
IGM reported $147.1 billion of assets under management as of March 31, 2017. That’s up 10.3% from $133.4 billion a year earlier. The company’s fee income rises and falls with the value of the mutual funds and other securities it manages.
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As a result, IGM’s revenue in the quarter ended March 31, 2017, rose 9.3%, to $789.7 million from $722.8 million a year earlier. Earnings increased 6.0%, to $177.1 million from $167.0 million; due to fewer shares outstanding, earnings per share gained 7.2%, to $0.74 from $0.69.
In March, IGM’s clients contributed $372.6 million more to its mutual funds than they took out. Specifically, overall sales rose $319.8 million at Investors Group, $51.6 million at Mackenzie and $1.2 million at Investment Planning Counsel.
The company will likely earn $3.31 a share in 2017, and the stock trades at just 12.1 times that forecast. The $2.25 dividend yields 5.6%.
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