CI Financial profit rises as assets under management hit record

Thu Feb 12, 2015 11:58am EST
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TORONTO (Reuters) - Canadian asset manager CI Financial Corp (CIX.TO: Quote) reported on Thursday a 22 percent higher fourth quarter profit that was in line with analysts' expectations, as average assets under management hit a record during the period.

For the quarter ended Dec 31, 2014, the company reported a net income of C$140.4 million, or 50 Canadian cents a share, higher than the C$116.2 million, or 41 Canadian cents a share earned over the same period a year ago.

Adjusted earnings per share, which excluded a C$5 million adjustment, was 48 Canadian cents.

On average, analysts were expecting earnings of 48 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Average assets under management rose 14 percent to C$101.12 billion, while expenses as a percentage of that fell 8 percent to 34.1 basis points.

Net sales for the fourth quarter were C$511 million. Free cash flow rose 19 percent to C$148.3 million from C$124.5 million a year earlier.

Shares were up 0.9 percent, at C$34.05 on the Toronto Stock Exchange.

(Reporting by Solarina Ho; Editing by Chizu Nomiyama)