Investors Group Inc. reported Monday that profit for the first quarter ended March 30 rose slightly, despite a drop in revenues, because of reduced expense levels.

The mutual fund manager said net income for the quarter was $119.7 million, or 45.2¢ a share, against net income of $116.5 million, or 44¢, a year ago.

Investors said a drop in operating expenses offset a decline in revenues and funds under management triggered by the bear market.

Revenues in the quarter were $454.9 million, down from $499.3 million, while operating expenses fell to $267.1 million from $297.8 million in the prior year.

Return on equity for the quarter was 17.6% , compared with 19.8% a year ago, while assets under management and administration totalled $70.9 billion, compared to $86.2 billion.