CI Financial Corp. (TSX:CIX) said Tuesday that it earned $95.8 million in its latest quarter, down from $101.2 million a year ago.

The investment manager said the profit amounted to 33 cents per share for the quarter ended March 31 compared with a profit of 35 cents per share in the first three months of 2011.

Revenue was $366.2 million up from $386.7 million.

Assets under management totalled $73.36 billion at March 31, down from $75.46 billion a year ago but up from $69.56 billion at Dec. 31, 2011.

The company, one of Canada’s largest independent investment fund companies, noted that the year-ago results included a $4.9-million insurance settlement that helped boost results.

Excluding this item, earnings would have decreased only two per cent year over year, in line with assets under management, CI said.

“Though we are cautious about the outlook for the remainder of the year given the continuing deficit difficulties in Europe and locally in Ontario, other economies where CI’s funds have significant exposures continue to improve and create opportunities for CI to grow its business,” president and chief executive Stephen MacPhail said in a statement.

CI shares were down 35 cents at $23.45 in trading on the Toronto Stock Exchange on Tuesday.