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Total assets under management for Winnipeg-based IGM tumbled 8 per cent to $118.7-billion from a year earlier.J.P. Moczulski/Reuters

On the same day it reported a first-quarter profit drop, Winnipeg-based IGM Financial Inc. said it would shake up its management, appointing a new co-chief executive officer.

Jeffrey Carney, an experienced mutual-fund industry executive, will take the reins at the mutual fund giant on May 6. He will also serve as co-CEO of Mackenzie Inc., a subsidiary of IGM.

Mr. Carney replaces Charles Sims, who has been in the role since May of 2005. What Mr. Sims will do next is unclear, but he's not leaving the family – he will continue working with IGM's parent organization Power Financial group after Mr. Carney gets settled.

In a way, Mr. Carney is making a return, since he used to work as a senior managing director at another Power Corp. company: Putnam Investments. He was once president of Fidelity Investments Canada.

Murray Taylor remains in his current role as the other co-CEO of IGM. He's also head of the company's other subsidiary, Investors Group.

Together, the two men are responsible for more than $125-billion in assets under management.

Despite the year-over-year quarterly drop in earnings and revenue at IGM, Mr. Carney is entering the company at a time when total sales at Mackenzie are up this quarter from a year ago and total assets are steady.

"Investment performance of our mutual fund family remained strong, with 73 per cent of our fund assets ranked in the first or second quartile of their respective asset categories over the five year period ended March 31, 2013," Mr. Sims said in a statement.

(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)

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