Investors Group Inc. reported a stronger first-quarter profit on Friday, as revenues were boosted by last year’s purchase of Mackenzie Financial.

IG said net income rose to $116.5 million or 44¢ a share, in the quarter ended March 31, compared with $64.1 million, or 30.4¢ a share, a year ago.

The company said revenues climbed to $505.9 million from $296.3 million a year earlier. A sharp rise in assets stemming from the Mackenzie acquisition boosted revenues.

Assets under management and administration almost doubled to $86.2 billion as of March 31, up from $44.5 billion a year earlier.

“A strong first quarter performance by Investors Group Inc. signals a positive beginning to the year. We believe we are well positioned to meet the challenges of the year ahead,” said Jeffrey Orr, president and CEO. Jim Hunter, president and CEO of Mackenzie said “Mackenzie had a solid 2001 and that resulted, with a little help from the markets and a focus on costs, in a strong first quarter.”

IG also announced today that Robert Gratton, president and CEO of Power Financial Corp., was elected as chairman of IG’s board. of directors.

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