May 8, 2012 / 3:58 PM / 5 years ago

CI Financial profit dips, warns of Europe clouds

May 8 (Reuters) - CI Financial Corp said on Tuesday said profits edged lower in the first quarter as assets under management dipped, in line with expectations, and it warned the outlook for the rest of 2012 was cloudy because of trouble in Europe and Ontario.

Canada’s No. 3 investment fund company, which is 36-percent owned by Bank of Nova Scotia, said it earned C$94.6 million, or 33 Canadian cents a share, in the first quarter, down 6 percent from the 35 Canadian cents reported a year earlier.

Earnings per share rose 8 percent from the prior quarter as improving markets boosted assets under management.

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