Investors Group Inc. is reporting a jump in profit for the fourth quarter ended Dec. 31, 2003, as rising markets helps spur sales of its mutual funds.

The Winnipeg-based fund manager said net income was $139.7 million, or 51¢ per share, up from $124.4 million, or 44¢ per share, a year ago.

Excluding a tax-related charge and the reversal of some restructuring costs, net income would have been $143.8 million, or 54¢ per share.

The company says revenue rose 4.4% to $484.8 million during the quarter, helped by stock markets that climbed more than 20% in 2003.

Mutual fund assets were $74.7 billion at Dec. 31, up from $68.5 billion a year earlier, while return on equity for the year was 18.9%, down from 19.2% in 2002.

Investors Group also raised its quarterly dividend to 27.5¢ from 25.5¢.