Investment manager CI Financial Income Fund today reported that its second quarter profit more than doubled and fee-earning assets under management jumped by 33%.
Net income at CI was $151.6 million, or 54¢ a unit, in the three months ended June 30.
That’s up from$69.3 million, or 24¢ a unit, in the three months ended May 31, 2006.
The fund changed its fiscal yearend midway through 2006, when it converted into an income trust.
The fund also had a tax recovery in the latest period, versus an income tax expense a year ago, before it became a tax-advantaged trust.
Fee-earning assets of $98.1 billion rose from $73.8 billion a year earlier due to growth in the market value of CI’s mutual and segregated funds, net sales of funds, and the addition of assets.
The assets of Lakeview Asset Management Inc., KBSH Capital Management Inc., and Blackmont Capital Inc., were added when CI purchased Rockwater Capital Corp. in April.
CI’s net sales were $569 million for the three months ended June 30. The company said July sales were $257 million, its best July since 2000.
CI said it will increase its monthly distribution to 19¢ a unit in September, up from 18¢ currently.
CI Financial profit more the doubles
- By: IE Staff
- August 2, 2007 August 2, 2007
- 12:10