Assets up despite redemptions

Article Excerpt

IGM FINANCIAL INC. $40 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 261.7 million; Market cap: $10.5 billion; Price-to-sales ratio: 4.3; Dividend yield: 5.1%; SI Rating: Above Average) reported that its clients redeemed $244.1 million of investments in August 2010, mainly because of recent stock-market volatility and the uncertain economy. Still, on August 31, 2010, IGM had $118.6 billion of assets under management. That’s up 3.5% from $114.7 billion a year earlier. IGM’s fees rise and fall with the value of the mutual funds and other securities it manages, so the company’s revenue and earnings benefit when the value of these assets rises. IGM Financial is a buy. buy…

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