Igm Sales, Profits Dive, Stock Price Follows Suit

Summary

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Stripping out IGM's proportionate share of Great-West Lifeco's writedown on the goodwill and valuation of its Putnam Investments unit ($60.3 million) and gain ($25 million) on the sale of GWL's U.S. health-care business, IGM posted an adjusted net income for the quarter of $140.1 million compared with $219 million for the fourth quarter of 2007. (IGM Financial owns 4.2 per cent of Great-West Lifeco.)

Because of the steep decline in equity markets around the world and the accompanying high redemption rate, IGM Financial's assets under management (AUM) have been declining steadily. At year end, AUM totalled $101.7 billion, 17.3 per cent less than $123 billion at Dec. 31, 2007, and 14.2 per cent less than the total at Sept. 30, 2008.

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Igm Sales, Profits Dive, Stock Price Follows Suit

IGM Financial Inc. felt the pressures of the global financial meltdown in 2008 with declining fund sales, falling corporate r...

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