Source: The Canadian Press

CI Financial Corp. (TSX:CIX), one of Canada’s largest mutual fund companies, reported its second-quarter profits rose to $89 million from $52.9 million a year ago.

Assets under management increased to $63.5 billion from $53.7 billion, the Toronto wealth manager said Tuesday.

Per-share earnings for the quarter ended June 30 increased to 31 cents from 18 cents.

The company said its gross and net sales of funds for the quarter were $2.5 billion and $310 million, respectively.

CI also said it improved its operational efficiency in the quarter, leading to improved bottom line growth.

CI Financial markets, sells and administers mutual funds, segregated funds, asset allocation programs, structured products, and other alternative investments on which the company earns fees.

Those financial products are sold through brokers, independent financial planners, and insurance advisers, including those affiliated with the company’s own Assante Wealth Management and Blackmont divisions.

In trading on the TSX, CI shares fell 28 cents to $19.07, a decline of nearly 1.5% on Tuesday afternoon.