Rising stock prices offset redemptions

Article Excerpt

IGM FINANCIAL INC. $42 (Toronto symbol IGM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 263.9 million; Market cap: $11.1 billion; Price-to-sales ratio: 4.7; Dividend yield: 4.9%; SI Rating: Above Average) reported that as of December 31, 2009, its assets under management had risen 1.8%, to $120.5 billion from $118.4 billion at November 30, 2009. IGM’s clients redeemed $25.5 million worth of investments in December, so improving stock markets were entirely responsible for the higher assets under management. IGM’s fees rise and fall with the value of the mutual funds it manages, so its revenue and earnings improve when the value of these assets rises. IGM Financial is a buy. buy…