CI Fund Management Inc. today reported its first-quarter profit rose 87% thanks to favorable financial markets and contributions from companies it has acquired.

CI said the successful acquisitions of Assante Corp., Synergy Asset Management Inc., Skylon Advisors Inc., and IQON Financial Management Inc. contributed significantly to CI’s growth.

Net income at the fund manager rose to $81.3 million, or 28¢ a share, in the quarter ended Aug. 31, from $43.5 million, or 19¢ a share, in the year-before period.

CI said fee-earning assets at August 31 were $63.9 billion, up 80% from $35.4 billion a year ago.

Also today, CI’s board of directors declared a 15¢ per share dividend.

CI shares were down 20¢, or 1.27%, at $15.58 in late morning trading on the Toronto Stock Exchange.