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For money managers, momentum is key

Stronger equity markets and a robust retirement savings season are expected to drive asset management companies’ first-quarter earnings higher. Against a backdrop of regulatory and retail investor sentiment pressure though, equity valuations will need to stay strong to keep up the momentum.

On Friday, wealth management giant IGM Financial Inc. reported a decrease in first-quarter profits, but sales were up, and the company added to its management team, boosting the stock close to 2 per cent on Friday. Winnipeg-based IGM, a Power Corp. company, is the parent of a large network of mutual funds through its Investors Group and Mackenzie Investments subsidiaries.