(Corrects second bullet point to operating loss from operating profit)
* Q1 loss C$0.38/shr vs EPS C$0.93 last year
* Q1 operating loss C$0.33
* Assets under management down 9.7 pct
The company posted a first-quarter net loss of C$213 million ($182.5 million), or 38 Canadian cents a share, applicable to common shareholders, compared with a profit of C$533 million, or 93 Canadian cents a share, a year ago.
Operating loss was 33 Canadian cents a share.
Analysts on average had expected a loss of 19 Canadian cents a share, excluding items, according to Reuters Estimates.
Assets under management as at March 31 were C$375.0 billion, down 9.7 percent from a year ago.
Shares of the company closed at C$29.96 Wednesday on the Toronto Stock Exchange.
$1=1.167 Canadian Dollar Reporting by Supantha Mukherjee in Bangalore; Editing by Vinu Pilakkott