CI Financial profit rises 22 pct as assets climb

Thu Feb 13, 2014 10:09am EST
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TORONTO Feb 13 (Reuters) - Canadian asset manager CI Financial Corp reported a 22 percent rise in quarterly profit on Thursday as surging equity markets boosted assets under management.

For the fourth quarter, net income rose to C$116.2 million ($105.75 million), or 41 Canadian cents a share, from C$95 million, or 34 Canadian cents a share, in the same period a year ago.

Shares of CI Financial were up 7 Canadian cents at C$35.67.

Assets under management reached a record high C$91.1 billion at Dec. 31, up 20 percent from a year earlier.

Toronto-based CI is 37 percent owned by Bank of Nova Scotia ($1 = 1.10 Canadian dollars) (Reporting by Andrea Hopkins and Cameron French; Editing by Jeffrey Benkoe)